UK insurtech Bikmo, the company that provides coverage to Deliveroo’s fleet of bikes and e-bikes, has successfully secured £3.4 mn in funding. Puma Private Equity invested in startup, enabling insurtech to focus on expanding into other European markets and supporting multinational partners.
Bikmo is a specialist cycle and e-mobility insurer that has made significant strides in the insurtech industry.
Founded in 2014, the company is based in Chester, UK, and has expanded its operations across Europe, actively protecting over 75,000 riders.
Bikmo’s mission is to provide comprehensive insurance policies that are easy to understand and accessible, with a particular emphasis on providing protection for riders and their equipment. They offer policies that can be quickly accessed via smartphone, and they are known for their rapid claims processing, often within 24 hours.
The company’s team comprises passionate riders, from national champions to daily commuters, all working towards the shared goal of rider protection.
Bikmo has cultivated partnerships with prominent commercial brands, extending its services to consumers participating in events such as triathlons.
The recent funding injection is earmarked for the advancement of its application program interface (API) technology, a recently developed tool that streamlines the integration of its insurance products into various services, such as embedded insurance.
Bikmo’s strategy for growth includes developing API technology to deliver embedded insurance solutions, which allows insurance to be integrated into the customer journey of retail, manufacturing, and other partners. This technology facilitates the integration of Bikmo’s insurance products into other services, enhancing the ease and accessibility for consumers.
David George, CEO of Bikmo, expressed that the investment would play a crucial role in bolstering both the technological infrastructure and personnel required to support and safeguard its existing rider base and trusted partners, in addition to fueling ambitious growth projects.
This Series A expansion round was spearheaded by Puma Private Equity and marks the latest strategic investment in the North West for the firm, which established a Manchester office earlier this year.
Bikmo has reported a notable trend, with 40% of new policyholders opting to insure e-bikes, indicative of the increasing embrace of electric two-wheelers. This surge in e-bike insurance aligns with the broader trend of growing adoption in this category.
It’s worth noting that Bikmo’s initial foray into venture capital funding occurred in May 2020, where it secured £1.8 mn in its previous funding round.
Kelvin Reader, investment director at Puma Private Equity, said Bikmo is placed as one of the UK’s largest specialist bike insurers to capitalise on the e-bike movement and the increasing number of people opting to use bikes as a mode of transport.
Bikmo has recently launched ‘Bikmo for Business’, a service targeting cycling and mobility companies.
This service provides specialist brokering and advice, starting with a free thirty-minute consultation and resulting in a comprehensive cover recommendation.
This initiative is part of Bikmo’s commitment to supporting and protecting businesses in the cycling sector, a commitment that has been a core part of their mission since their inception.
by Peter Sonner