As the cycling sector continues to thrive, the European Parliament has declared 2024 as the ‘Year of Cycling,’ with the goal of doubling the distance covered by cyclists by 2030. The adoption of e-bikes is also on the rise, as evidenced by a 40% increase in UK electric bike sales in 2020 and the fact that 50% of bike sales in Germany in 2022 were e-bikes. Bikmo has seized this opportunity, with 40% of their new policyholders opting to insure e-bikes. The company offers a wide range of insurance products tailored to protect various types of cyclists, including road cyclists, triathletes, and daily commuters. Their coverage extends to both individuals and commercial entities, such as Deliveroo, and includes additional features like legal protection and breakdown assistance.

Bikmo, an award-winning enterprise, has achieved substantial growth since its inception by forming strategic partnerships with prominent organizations like British Cycling and Cyclescheme. They have maintained an impressive retention rate of over 85% for their existing customers year after year. Customer satisfaction is robust, evident from their 4.5 out of 5 ratings on both TrustPilot and Feefo. The company’s expansion has been facilitated by investment partners such as Hiscox, the Development Bank of Wales, and their recent investor, Puma Private Equity. Additionally, they have established a core platform of microservices, an API ecosystem, and data insights that empower Bikmo to swiftly adapt across regions, product lines, and industry sectors.

Bikmo’s newly developed API technology enables them to provide embedded insurance solutions, allowing their products to be seamlessly integrated into various customer journeys through retail, manufacturing, and other partners. They have already successfully launched their first fully embedded insurance solution in collaboration with BuyCycle in Germany and are actively working on integrating embedded solutions with new and relevant partners.

David George, CEO, Bikmo comments: “We’re stoked to close this round and onboard Puma Private Equity as we accelerate growth in the UK and Europe, the next big step in our mission to protect the world’s riders. Working with a company aligned with our values combined with their depth of experience in international growth across a wide range of technology-enabled sectors is a perfect match for Bikmo.

“The investment will allow us to invest into the people and technology we need to both support and protect our existing rider base and trusted partners, as well as exciting growth projects.”

Kelvin Reader, Investment Director, Puma Private Equity commented: “We are really excited to be backing Bikmo at this significant stage in their growth journey. They are ideally 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. CEO, David George and his team launched the business with a mission to build a service that enables riders to spend more time doing what they love and that is still at the heart of what they are delivering. Having secured notable partnerships and built API technology to maximise conversions they’re on an impressive growth trajectory.

“We are also thrilled to back another company in the North West, our first deal since we set up a Manchester office to expand our presence in the North with Investment Director, Mark Lyons and new recruit Emily Bourne. We are well placed to support the next generation of exceptional scale-up businesses emerging from the region.”

Sam Macalister-Smith of the Development Bank of Wales said: “We are delighted that our investment in Bikmo brought the award winning business to Wales in 2020 and has since helped to fund global growth with the support of key partners including British Cycling. With a strong management team, scalable technology and significant market opportunity, Bikmo is a compelling investment proposition that will now also benefit from the specialist support of Puma Private Equity.”

Anthony Favell, E‑commerce Trading Manage, Brompton commented: “We started working with Bikmo in 2017 to protect Brompton riders and their bikes. They developed bespoke features like 25% lower pricing thanks to Bromptons being a lower risk, and courtesy Brompton bikes for customers waiting for a replacement from our London factory. Since launching in the UK, Bikmo has expanded the partnership to other Brompton markets and we look forward to exploring how their latest investment and upcoming growth plans will take our partnership forward.”

As a B Corp and 1% For The Planet Business Member, Bikmo is committed to better business. It is an active advocate for the cycle sector and supports bike and outdoor non-profits that improve the world for cyclists. The business is committed to making a positive impact on society and the environment by getting more people on bikes.

Puma Private Equity offers growth capital and expertise to best-in-class, ambitious businesses across the UK, irrespective of sector, and works in partnership with management to help businesses scale and create long-term value. It aims to deliver insight, expertise, and a fresh perspective to the portfolio companies it partners with. Having invested in and worked with many organisations across a breadth of sectors, Puma Private Equity has deep insights and experience in scaling businesses for growth and where desired, successful sale and exit.