Bikmo gears up with £4.7m investment from Puma Growth Partners
Deal News | Dec 18, 2024 | Business Cloud
Bikmo, a company specializing in cycle insurance and operating with a remote-first model, has secured an additional £4.75 million in funding from Puma Growth Partners. This investment is a continuation of Puma's initial £3.4 million contribution made in October 2023. The funding is intended to fuel Bikmo's expansion across Europe, focusing on direct sales, partnerships, leasing, and commercial avenues. Bikmo has also strengthened its leadership team by appointing Steven Mendel, former CEO and co-founder of ManyPets, as chair, and Ben Thompson, ex-director at Komoot, as chief growth officer. Additionally, Gemma Germains, formerly of Canyon, has joined as chief experience officer. Further solidifying its market position, Bikmo has formed significant partnerships with organizations such as Cycling UK, the Association of Cycle Traders (ACT), and Trek, a global cycling brand. CEO David George expressed enthusiasm over the investment and strategic growth, emphasizing the value it brings to cyclists and biking businesses.
Sectors
- InsurTech
- Cycling Industry
Geography
- United Kingdom – Bikmo is a UK-based company, and many of its significant partnerships and business activities are centered there.
- Europe – The company's expansion plans and funding are focused on growing its presence across Europe.
Industry
- InsurTech – Bikmo operates within the InsurTech sector, focusing on innovative insurance solutions for cyclists.
- Cycling Industry – Bikmo's partnerships with cycling organizations and brands reflect its active involvement in the cycling industry.
Financials
- 4,750,000 – Recent funding round provided by Puma Growth Partners to Bikmo.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bikmo | Target Company | Company | A specialist cycle insurance firm that operates with a remote-first business model. |
| Puma Growth Partners | Investor | Company | A growth capital investor providing additional funding to Bikmo. |
| Steven Mendel | Chair | Person | Newly appointed chair, former CEO and co-founder of ManyPets. |
| Ben Thompson | Chief Growth Officer | Person | Appointed earlier as chief growth officer, previously director of global business development at Komoot. |
| Gemma Germains | Chief Experience Officer | Person | Newly appointed chief experience officer, formerly with Canyon. |
| Cycling UK | Partner | Company | Major collaboration partner with Bikmo in the cycling community. |
| Association of Cycle Traders (ACT) | Partner | Company | Collaborative partner supporting Bikmo's mission in the cycling market. |
| Trek | Partner | Company | Global cycling brand partnered with Bikmo. |