Expert cycle insurance provider Bikmo has secured its first venture capital funding of £1.8 million (Series A funding). The investment is led by Development Bank of Wales, alongside specialist global insurer Hiscox plus existing and new angel investors.
Part of the £1 million equity and loan investment by the Development Bank of Wales is enabling Bikmo to move into new premises in Flintshire. The award-winning adventure sports insurance provider Bikmo also has offices in Innsbruck, Austria and will relocate the UK head office to Flintshire as soon as Covid-19 lockdown restrictions will allow.
Established in 2014, Bikmo uses innovative technology to offer comprehensive insurance for riders. Over 15,000 active policy holders are supported by a responsive team of 30 bike fanatics. The funding will now be used to support global growth, including increased investment in the UK, Ireland, Germany and Austria.
Bikmo has also recently appointed Gareth Mills as Chief Marketing Officer. He joined the team from social fitness network Strava shortly after Bikmo announced their partnership with the most popular UK cycle-to-work scheme provider Cyclescheme.
David George, Bikmo CEO commented: “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. 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.
“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. We are all riders at Bikmo so we understand that cyclists need to know that they are protected if something happens.”
Rhodri Evans is a Deputy Fund Manager with the Development Bank of Wales. He said: “Bikmo benefits from a compelling combination of scalable technology, management experience and a wealth of passion for cycling.
“The opportunity to support 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, so the opportunities to scale mean Bikmo has an exciting future ahead.”