Bikmo, the specialist cycle insurer, has secured an additional £4.75 million in its growth funding round, building on a £3.4m investment led by Puma Growth Partners (formerly Puma Private Equity) in October 2023.
Bikmo notes that the latest round of funding will be used to drive growth in Europe across direct sales, partners, leasing and commercial channels, while continuing to strengthen its partner network. With e-bikes and bike leasing fuelling European market expansion, growth is projected to reach a compound annual growth rate (CAGR) of 8.6% by 2030.
Bikmo has also announced the appointment of Steven Mendel, former CEO and co-founder of ManyPets, as Chair (subject to FCA approval). His experience in scaling fintech companies is expected to help Bikmo improve its operations and secure new strategic partnerships.
Earlier this year, Ben Thompson, ex-Director of Global Business Development at Komoot, was appointed Chief Growth Officer.
Gemma Germains, formerly Canyon’s Global Head of Digital Experience Design, joins as Chief Experience Officer. Her expertise in digital transformation will play a role in optimising Bikmo’s user experience.
Bikmo continues to strengthen its position in the cycling ecosystem with several new key partnerships. The company has recently announced major collaborations with Cycling UK, the Association of Cycle Traders (ACT) and global cycling brand Trek. These partnerships will help to further promote Bikmo’s insurance products and support the company’s mission.
David George, CEO at Bikmo, said “This latest investment is a massive boost for our mission to protect the world’s riders, and I’m delighted Puma Growth Partners have seen how bright the future is with Bikmo.
“With fresh global experience in our new leadership talent and strong partnerships with the likes of Cycling UK, the ACT and Trek, we’re setting ourselves up to deliver even more value to cyclists and bike businesses, making insurance simpler and more accessible for everyone who loves to ride.”
