Bikmo raises £3.4m to drive European expansion and innovation
Bikmo, the Chester-based specialist cycle and e-mobility insurer, has recently announced that it has raised £3.4 million in a Series A extension round led by Puma Private Equity. The investment will be used to accelerate European expansion and drive product innovation. Bikmo, a B Corp certified insurer, currently protects over 75,000 riders in the UK, Ireland, Germany, and Austria and is focused on expanding into other European markets and supporting multinational partners.
The European cycling market is experiencing rapid growth, with the European Parliament calling for 2024 to be the 'Year of Cycling' to double the distance covered by cyclists by 2030.
Bikmo has capitalized on this trend, with 40% of its new policyholders insuring e-bikes. The company offers a range of insurance products to protect every type of cyclist, including road cyclists, triathletes, daily commuters, and commercial risks for brands like Deliveroo. In addition to insurance coverage, Bikmo provides extras such as legal protection and breakdown assistance.
Bikmo's success can be attributed to its strategic partnerships with leading organizations like British Cycling and Cyclescheme, as well as its innovative use of API technology to deliver embedded insurance solutions. The company has achieved an 85%+ retention rate on existing customers and high customer satisfaction ratings on platforms like TrustPilot and Feefo. With the support of investment partners like Hiscox, Development Bank of Wales, and Puma Private Equity, Bikmo has built a strong foundation for growth. The company's API technology allows it to offer insurance products as part of other product or service transactions, maximizing conversions and expanding its customer base.
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