Bikmo Boosts Expansion with Puma's £4.75m Investment
Deal News | Dec 16, 2024 | Puma Investment Management Limited
Puma Growth Partners has invested an additional £4.75 million in Bikmo, a specialist cycle insurer, following a previous Series A extension round led by Puma in October 2023. This funding is aimed at bolstering Bikmo's growth within the European market, focusing on enhancing direct sales, partnerships, leasing, and commercial channels. With the European cycling market growing at a projected CAGR of 8.6% by 2030, this investment positions Bikmo to capitalize on rising trends such as e-bike usage and bike leasing. Alongside this financial boost, Bikmo has made strategic leadership appointments, including Steven Mendel as Chair and Ben Thompson as Chief Growth Officer, indicating a strong commitment to scaling its operations. The company has also partnered with major organizations such as Cycling UK, the Association of Cycle Traders, and Trek, aiming to enhance its insurance offerings. Puma's ongoing support underscores confidence in Bikmo's business model and growth potential, particularly in the North West region, where scale-up companies like Bikmo are flourishing.
Sectors
- Insurance
- Private Equity
- Cycling
Geography
- United Kingdom – The UK is relevant as Bikmo is based here and the article highlights growth across the UK and Europe.
- Europe – The investment is specifically aimed at driving growth across Europe, indicating a regional focus.
Industry
- Insurance – Bikmo is involved in the insurance industry, specifically focusing on cycle insurance, and the article discusses investment aimed at expanding insurance offerings.
- Private Equity – Puma Growth Partners is a private equity firm investing in Bikmo, demonstrating activities within the private equity sector.
- Cycling – Bikmo specializes in cycle insurance and has partnerships with cycling organizations and brands, highlighting the cycling industry's relevance.
Financials
- £4.75 million – This is the additional investment made by Puma Growth Partners in Bikmo.
- 3.4 million – This is the amount of Bikmo's original Series A extension round led by Puma.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bikmo | Target Company | Company | Bikmo is a specialist cycle insurer receiving investment from Puma Growth Partners. |
| Puma Growth Partners | Investor | Company | Puma Growth Partners is a private equity firm investing in Bikmo to support its growth. |
| Steven Mendel | Chair (subject to FCA approval) | Person | Steven Mendel is appointed as Chair to help drive Bikmo's expansion. |
| Ben Thompson | Chief Growth Officer | Person | Ben Thompson is appointed as Chief Growth Officer to bolster Bikmo's growth. |
| Gemma Germains | Chief Experience Officer | Person | Gemma Germains is appointed as Chief Experience Officer at Bikmo. |
| Cycling UK | Partner | Company | Cycling UK is one of Bikmo's partners to promote its insurance products. |
| Association of Cycle Traders (ACT) | Partner | Company | ACT is one of Bikmo's partners involved in promoting its insurance products. |
| Trek | Partner | Company | Trek is a global cycling brand partnering with Bikmo. |