Bikmo Boosted by £4.75m Puma Investment
Deal News | Dec 16, 2024 | Puma Capital Group
Puma Growth Partners has reinforced its investment in Bikmo, a specialist cycle insurer, with an additional £4.75 million, building on their previous Series A investment. This funding aims to expand Bikmo's footprint across Europe by enhancing its sales channels and strengthening partnerships within the cycling ecosystem. The European cycling market is set for robust growth, thanks to the rise of e-bikes and bike leasing trends. Coupled with financial backing, Bikmo has also welcomed new leadership, including the esteemed Steven Mendel as Chair and Ben Thompson as Chief Growth Officer, further preparing the company for expansion. Key collaborations with leading cycling entities like Cycling UK, ACT, and Trek are set to consolidate Bikmo's market position. CEO David George and CFO Louise Towers have expressed confidence in this growth trajectory, viewing Puma’s support as a testament to their viable business model and strategic pipeline. The strategic moves have been lauded by Puma Growth Partners, who remain committed to supporting businesses in the North West, signifying positive prospects for the scale-up ecosystem in the region.
Sectors
- Insurance
- Venture Capital
- Cycling
Geography
- Europe – The article focuses on Bikmo's expansion across Europe, capitalizing on the growing e-bike and cycling market.
- United Kingdom – Bikmo is engaged with partners such as Cycling UK and the ACT in the UK, emphasizing its role in the UK's cycling insurance sector.
- North West England – Puma Growth Partners highlights their commitment to supporting scale-up businesses in North West England, where they have established a new office.
Industry
- Insurance – Bikmo operates within the insurance industry, specifically cycle insurance, and aims to expand its reach in this sector with the latest investment.
- Venture Capital – Puma Growth Partners is a private equity firm providing funding to growth-stage companies like Bikmo, classifying the article within the venture capital sector.
- Cycling – Bikmo, a specialist in cycle insurance, and their partnerships with organizations and companies like Cycling UK and Trek, highlight their involvement in the cycling industry.
Financials
- £4.75 million – The amount invested by Puma Growth Partners into Bikmo to support their growth and expansion efforts.
- 3.4 million – Original amount from the Series A extension round led by Puma in October 2023, preceding the latest investment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bikmo | Target Company | Company | A specialist cycle insurer looking to expand its reach across Europe and strengthen its position in the cycling industry. |
| Puma Growth Partners | Bidding Company/Investor | Company | A private equity firm providing the latest investment to reinforce Bikmo's growth and expansion plans. |
| Steven Mendel | Chair (subject to FCA approval) | Person | Recently appointed as Chair to support Bikmo's strategic growth with his experience in scaling insurance companies. |
| Ben Thompson | Chief Growth Officer | Person | Tasked with driving Bikmo's growth strategy following his previous experience in global business development. |
| Gemma Germains | Chief Experience Officer | Person | Leads the design and user experience facet of Bikmo's operations after holding a senior design position at Canyons. |
| David George | CEO of Bikmo | Person | Oversees Bikmo's strategic direction and expressed enthusiasm for its recent developments. |
| Louise Towers | CFO of Bikmo | Person | Responsible for Bikmo's financial strategy and operations, also highlighting the importance of their solid pipeline. |
| Kelvin Reader | Investment Director at Puma Growth Partners | Person | Supports Bikmo's growth initiatives and manages investment activities for Puma Growth Partners. |
| Cycling UK | Partner | Company | A major cycling advocacy organization partnering with Bikmo to help promote its insurance products. |
| Association of Cycle Traders (ACT) | Partner | Company | An association representing independent cycle retailers, partnering with Bikmo to expand insurance services. |
| Trek | Partner | Company | A global cycling brand collaborating with Bikmo to enhance its insurance offerings. |