This week, specialist UK bike insurer Bikmo, announced it had raised £3.4 million to drive European expansion in a Series A extension round.
The insurer protects over 75,000 riders (from mountain bikers to triathletes to e-bike riders) in the UK, Ireland, Germany and Austria. Its API technology means it can deliver embedded insurance solutions through retail, manufacturing and other partners to integrate the product into their customer journeys to maximise conversions.
It covers both individual and commercial risks for brands, including Deliveroo, plus it offers extras to protect cyclists, such as legal protection and breakdown assistance.
Its newly developed API technology means it can deliver embedded insurance solutions (insurance that can be purchased as part of another product or service transaction) through retail, manufacturing and other partners to integrate the product into their customer journeys to maximise conversions.
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 and 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.”
The funding is led by Puma Private Equity. Kelvin Reader, Investment Director, Puma Private Equity, commented:
“We are really excited to be backing Bikmo at this significant stage in their growth journey.
Having secured notable partnerships and built API technology to maximise conversions, they’re on an impressive growth trajectory."
Lead image: Bikmo.