Bikmo has secured £1.8 million in Series A funding.
The investment is led by Development Bank of Wales, alongside specialist global insurer Hiscox, plus existing and new angel investors.
Bikmo uses innovative technology to simply offer comprehensive insurance for riders, with a focus on exceptional customer experience delivered through a responsive team of bike fanatics. The investment will support global growth, including increased investment in the UK, Ireland, Germany and Austria.
“We are here to support people’s active lifestyles, and we want riders to know that we can cover them, plus their bike and equipment, whether on road or trail,” said David George, Bikmo CEO. “This investment will enable us to grow and support the recreational riders as we always have, plus the new riders we can all see rediscovering the freedom and utility of riding a bike in the fresh air.
“We are all riders at Bikmo so we understand that cyclists need to know that they are protected if something happens, and we see that the vast majority of home insurance policies aren’t adequate. Cycling is more important than ever for our physical and mental health, and as a practical mode of transport for us all to remain safe and socially distanced.”
This investment follows the recent announcement of Bikmo’s partnership with Cyclescheme. Earlier this month, Bikmo also announced Gareth Mills as chief marketing officer, having joined from Strava.
“Bikmo benefits from a compelling combination of scalable technology, management experience and a wealth of passion for cycling,” said Rhodri Evans, deputy fund manager with the Development Bank of Wales. “The opportunity to co-invest with Hiscox at this stage in Bikmo’s journey is really exciting.
“The business has progressed significantly in a short period of time including hugely impressive partnership agreements with some high profile brands. They have a clear growth plan in place and we’re delighted to be welcoming them to Wales.”
Ross Dingwall, managing director broker channel at Hiscox UK, added: “Bikmo is a great example of using specialist expertise to make life simpler and easier for customers. Its products are based on a deep understanding of the customer and a company-wide passion for riding. When you combine this with innovative technology, it’s a very powerful proposition.
“We’ve known for some time that this sector has great growth potential and the lifestyle changes brought about by the lockdown are proving to be a significant catalyst for this. The opportunities to scale mean Bikmo has an exciting future ahead and the sharp uptick in demand for cycling we’re seeing across the country will further support this.”