The UK-based cycle insurtech Bikmo has raised £4.75 mn in new funding from Puma Growth Partners. The funds will support its expansion across Europe, focusing on direct sales, partnerships, leasing, and commercial channels.
The leadership team has grown with Steven Mendel joining as Chair (pending FCA approval), Ben Thompson as Chief Growth Officer, and Gemma Germains as Chief Experience Officer.
These additions bring valuable expertise to accelerate the company’s trajectory.
Bikmo has also forged key partnerships with Cycling UK, the Association of Cycle Traders (ACT), and Trek, reinforcing its strong position in the cycling industry.
David George, CEO of Bikmo, expressed enthusiasm about the developments. He stated, “This latest investment is a massive boost for our mission to protect the world’s riders. With global expertise in our new leadership team and strong partnerships, we’re set to deliver even more value to cyclists and bike businesses, making insurance simpler and more accessible.”
This second round of investment underscores the strength of our business model and pipeline. The additional capital enables us to accelerate growth across Europe and provide exceptional value to our customers
Louise Towers, CFO, highlighted Puma’s
Steven Mendel, the incoming Chair, shared his vision: “Bikmo has achieved impressive growth in the UK and Europe, building critical partnerships. I look forward to supporting further expansion and helping develop a world-class leadership team to unlock growth and innovation opportunities.”
Kelvin Reader, Investment Director at Puma Growth Partners, emphasized Bikmo’s progress since their initial investment. He remarked, “The team has made substantial strides, from forming notable partnerships to scaling operations in key regions while staying true to their mission. Strategic hires from industry leaders like Canyon Bicycles, Komoot, and ManyPets will be pivotal to future growth.”
With robust leadership, strategic alliances, and fresh capital, Bikmo is poised for continued growth and innovation in the cycle insurance market.
Bikmo is a specialized cycle insurtech company dedicated to protecting cyclists and their equipment. It provides tailored insurance solutions designed to meet the unique needs of cycling enthusiasts, whether they ride recreationally, commute daily, or compete professionally.
The company covers a range of risks, including theft, accidental damage, and liability. Its policies often extend to bike accessories, kit, and even cover for events or races. Bikmo also supports cyclists traveling abroad, ensuring peace of mind while riding internationally.
Bikmo stands out for its commitment to simplifying the insurance experience. It uses technology to streamline claims processes, offer flexible coverage options, and provide exceptional customer service. The company actively partners with cycling organizations, retailers, and brands to enhance its offerings and promote safer riding practices.
Headquartered in the UK, Bikmo has expanded its presence across Europe, focusing on regions with thriving cycling communities.
The company aligns its growth strategy with the increasing popularity of cycling, fueled by urban mobility trends, health consciousness, and environmental awareness. Its leadership team brings extensive experience in insurance, cycling, and technology, driving innovation and customer-centric solutions.
Bikmo is not just an insurer but an advocate for the cycling community. Through partnerships and initiatives, it aims to create a safer, more accessible environment for riders, positioning itself as a trusted partner for cyclists worldwide.
