● Bikmo receives £4.75M additional investment from Puma Growth Partners
● New leadership brings expertise from Canyon Bicycles, Komoot and ManyPets
● New strategic partnerships include Cycling UK, ACT and Trek
Bikmo, the specialist cycle insurer operating with a remote-first business model, is accelerating its developments with an additional £4.75M in its growth funding round, building on the £3.4M investment led by Puma Growth Partners (formerly Puma Private Equity) in October 2023. This latest round of funding will be used to drive growth in Europe across direct sales, partners, leasing and commercial channels, while continuing to strengthen our longstanding and trusted partner network. With e-bikes and bike leasing fueling European market expansion, growth is projected to reach a compound annual growth rate (CAGR) of 8.6% by 2030.
Bikmo announces the appointment of Steven Mendel, former CEO and co-founder of ManyPets, as Chair (subject to FCA approval). Steven’s experience in scaling ntech companies will help Bikmo improve its operations and secure new strategic partnerships.
Earlier this year, Ben Thompson, ex-Director of Global Business Development at Komoot, was appointed Chief Growth Ocer. Ben’s experience of growth strategies in the cycling industry will drive Bikmo’s expansion into new markets. Gemma Germains, formerly Canyon’s Global Head of Digital Experience Design, joins as Chief Experience Ocer. Her expertise in digital transformation will play a crucial role in optimising Bikmo’s user experience across all touchpoints.
Bikmo continues to strengthen its position in the cycling ecosystem with several new key partnerships. The company has recently announced major collaborations with Cycling UK, the Association of Cycle Traders (ACT) and global cycling brand Trek. These partnerships will help to further promote Bikmo’s insurance products and support the company’s mission. With fresh funding, powerhouse hires and solid industry partnerships, Bikmo is primed for signicant growth in the year ahead.
“This latest investment is a massive boost for our mission to protect the world’s riders and I’m delighted Puma Growth Partners have seen how bright the future is with Bikmo. With fresh global experience in our new leadership talent and strong partnerships with the likes of Cycling UK, the ACT and Trek, we’re setting ourselves up to deliver even more value to cyclists and bike businesses, making insurance simpler and more accessible for everyone who loves to ride.”
David George, CEO at Bikmo
“This signicant second round of investment from Puma is a resounding endorsement of our business model, the strength of our pipeline and our team’s ability to deliver. The additionalcapital will enable us to further accelerate our growth across Europe and deliver exceptional value to our customers.”
Louise Towers, CFO at Bikmo
“I’m delighted to join Bikmo as Chair (subject to FCA approval) and contribute to its exciting journey in the insurtech space. Bikmo has already achieved strong growth across the UK and Europe, securing important partnerships as it works to become a leader in cycle insurance. Looking ahead, I’m eager to help drive further expansion and support the development of a world-class leadership team. With my experience in scaling insurance companies, I’m excited to work closely with the talented Bikmo team to unlock greater opportunities for growth and innovation.”
Steven Mendel, Bikmo Chair (subject to FCA approval)
“Since our initial investment in Bikmo, it has been a pleasure working with David, Louise and the team to support their growth. They have made signicant steps, from securing notable partnerships to scaling in key territories, while staying true to their mission of protecting riders. The new strategic hires from Canyon Bicycles, Komoot and ManyPets will be pivotal for Bikmo’s growth and we look forward to their impact.
We are excited to back the business again in this investment round to accelerate their growth across Europe, secure new partnerships and expand their commercial insurance offerings. It also marks our ongoing commitment to support companies based in the North West. Having set up a Manchester oce to expand our presence in the North headed up by Investment Director, Mark Lyons, we continue to be excited by the quality of the scale-up businesses developing within the region.”
Kelvin Reader, Investment Director at Puma Growth Partners
About Bikmo
Bikmo is a cycle insurance specialist, dedicated to “protecting the world’s riders and the places we ride. They provide comprehensive insurance for bikes, gear and cyclists across the UK, Ireland, Germany and Austria. As a remote-first company, Bikmo’s team of 55 spans 10 countries, connected by a shared passion and love for cycling. Bikmo has been a B Corp certified business since 2019 and a proud member of 1% for the Planet, demonstrating its commitment to sustainability initiatives that support the cycling community. Discover more about Bikmo, its team and its dedication to sustainability at bikmo.com.
About Puma Growth Partners
Puma Growth Partners is a leading provider of growth capital to SMEs across all sectors and regions of the UK, delivering investments between £4 million to £10 million. Puma Growth Partners takes a highly active approach to value creation, partnering with management teams to help drive up equity value through expansion and professionalisation. Further information on Puma Growth Partners can be found at pumagp.co.uk. Puma Growth Partners is the private equity division of Puma Capital Group.
