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IzelPhotography/DepositPhotos
Chester, England-based Bikmo, a cycle and e-mobility insurance coverage firm, introduced on Wednesday, October 18, that it has secured £3.4M (roughly €3.9M) Sequence A extension spherical led by Puma Personal Fairness.
The corporate says it can utilise the funds to develop its operation into extra European markets and provide assist to worldwide companions.
The European Parliament, recognising the rising significance of biking, has declared 2024 because the ‘Yr of Biking’ to double the space coated by cyclists by 2030.
The adoption of e-bikes can be on the rise, with UK electrical bike gross sales having surged by over 40 per cent in 2020.
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Moreover, e-bike gross sales accounted for 50 per cent of all bike gross sales in Germany in 2022.
Bikmo has capitalised on this development, with 40 per cent of its new policyholders choosing e-bike protection.
Louise Towers, CFO of Bikmo, says, “We’re delighted to shut this spherical and onboard Puma Personal Fairness as we speed up progress within the UK and Europe, persevering with to extend our footprint and capitalise on the rising alternatives within the wider bike and mobility sectors. Working with an organization aligned with our values mixed with their depth of expertise in worldwide progress throughout a variety of technology-enabled sectors is an ideal match for Bikmo.”
Bikmo: Defending the world’s riders
Based in 2014, Bikmo is a cycle insurer with a mission to guard the world’s riders.
The corporate gives a variety of insurance coverage merchandise designed to guard varied varieties of cyclists, from street cyclists and triathletes to each day commuters.
They provide protection for each particular person and industrial dangers, together with partnerships with manufacturers like Deliveroo, together with extra providers comparable to authorized safety and breakdown help.
Moreover, the corporate has additionally constructed a core platform of microservices, an API ecosystem, and information insights that allow Bikmo to maneuver quick throughout territories, merchandise, and verticals.
The latest growth of its API expertise permits Bikmo to supply embedded insurance coverage options, which might be built-in into different services or products simply.
This strategy enhances the shopper expertise and boosts conversion charges, claims the corporate.
Bikmo has already efficiently applied its first absolutely embedded insurance coverage resolution in collaboration with BuyCycle in Germany and is presently targeted on integrating comparable options with new and related companions.
The B Corp-certified specialist insurer protects over 75,000 riders within the UK, Eire, Germany, and Austria, and is presently specializing in increasing into different European markets and supporting multinational companions.
The investor
Puma Personal Fairness is a supplier of progress capital to small and medium-sized UK companies throughout all sectors and areas.
The corporate delivers investments between £2M to £10M, partnering with administration groups to speed up their progress and assist companies all through the nation obtain their potential.
Since its inception, Puma Investments has raised greater than £490M in capital.
Kelvin Reader, Funding Director at Puma Personal Fairness, says, “We’re excited to be backing Bikmo at this vital stage of their progress journey. They’re ideally positioned as one of many UK’s largest specialist bike insurers to capitalise on the e-bike motion and the rising variety of folks opting to make use of bikes as a mode of transport.”
“We’re additionally thrilled to again one other firm within the North West, our first deal since we arrange a Manchester workplace to develop our presence within the North with Funding Director, Mark Lyons and recruit Emily Bourne. We’re nicely positioned to assist the following technology of outstanding scale-up companies rising from the area,” provides Reader.
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