UK-based bike insurer Bikmo raises £3.4 million in a series fundraising cycle. Puma Private Equity is in control of the funding. Investment Director of Puma Private Equity, Kelvin Reader.
The insurer insures more than 75,000 riders in the UK, Ireland, Germany, and Austria, including mountain bikers, triathletes, and users of e-bikes. By embedding the product into their customers’ customer journeys, they may offer integrated insurance solutions through sales, manufacturing, and other partners to maximize conversions.
Additionally, it provides extras for safeguarding bikers, like as legal defense and breakdown support. It covers both individual and business risks for brands, including Deliveroo.
With the use of its recently released API technology, it is able to provide embedded insurance solutions—insurance that can be purchased together with the purchase of another good or service—to retail, manufacturing, and other partners, enabling them to incorporate the product into their customer journeys and increase 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.”
Protect the motorcyclists and riding areas around the world:
Three things follow from this. First, never wavering in our commitment to safeguarding the riders in our community and ensuring that every interaction is extraordinary. Second, operating on a global scale while collaborating with partners to safeguard riders everywhere. Third, utilizing the influence of our company, brand, and community to safeguard the areas where we ride, including Alpine trails and safer urban cycling infrastructure.
Every team member bikes, whether they are daily commuters or national champions. We recently received an Employee NPS score of over 60, which is a great reflection of the culture each team member has helped to create.
We are a rapidly expanding company in search of intelligent, imaginative, and ambitious individuals that want to redefine what insurance means to active people. To learn more, visit the team page!