Bicycle insurtech Two Three Bird acquires Project 529

Global bicycle insurtech business Two Three Bird has announced its acquisition of Project 529 in a move which heralds a new chapter for the business which aims to keep cyclists riding.

In sharing the news, the business called the acquisition of Project 529 “a significant stride in the battle against bicycle theft”.

Originating from the minds of Microsoft veterans J Allard and Lara Ferroni, Project 529 has sought to revolutionise bicycle security through its comprehensive registration and bicycle recovery service.

“Project 529 has become a powerful ally for cyclists, significantly reducing bike theft by 70% in areas like Vancouver, BC. With over three million searchable bikes so far, it’s clear evidence of the community’s trust in its ability to protect their bikes and enhance safety for all cyclists,” states Ferroni, CEO of Project 529.

Bicycle theft in North America persists as a significant issue, with more than two million bikes stolen each year, equating to a theft occurring every 30 seconds. This epidemic not only inflicts a financial toll estimated at $2 billion annually but also has social ramifications, with an estimated third of individuals refraining from cycling again after experiencing theft.

Alarmingly, the majority of bike theft victims lack sufficient protection measures, often relying on inadequate home or renters insurance coverage and low-security locks, exacerbating the problem further.

For Two Three Bird the acquisition of Project 529 signals a major step towards mitigating these challenges on a global scale.

“Our mission aligns seamlessly with Project 529’s revolutionary approach to keeping riders riding,” says Two Three Bird’s CEO Theo Grobler.

As an early innovator in bicycle insurtech, Two Three Bird has been pioneering the global cycling insurance space with a deep foundation of over 15 years of industry insight.

The business which has operations stretching across the UK, South Africa, Australia, and the US, is also collaborating with more than 20 internal and partner brands.

“This acquisition is not just about expanding a platform; it’s about empowering cyclists worldwide to ride with confidence and peace of mind, knowing they are supported by the most robust bike security eco-system available,” states Grobler.

Bicycle theft is a substantial and growing worldwide problem which has proven difficult for law enforcement to address, one which often leads to and enables further crimes.

The announcement of this acquisition also highlights that Two Three Bird aims to tackle the associated challenges head-on, unlocking the necessary funding to boost Project 529’s protective reach to more regions worldwide, fostering a culture of safety and vigilance within the cycling community.