Cycle insurer Bikmo raises £1.8m to support global cycling boom
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.”
Photo: David George, Bikmo CEO
Development Bank of Wales: Manon Eyton firstname.lastname@example.org / 02920789321 / 07849806532
Bikmo: Gareth Mills / email@example.com
Hiscox: Katie Bergin / +44(0)787 295 3065 / Katie.firstname.lastname@example.org
Notes to editors:
Bikmo is an award-winning adventure sports insurer currently focussed on cycling. They insure bikes, kit and riders themselves across the UK, Ireland, Germany and Austria. With offices in Chester, UK and Innsbruck, Austria, Bikmo employs around 30 cycling geeks. Learn more about the team and their commitment to sustainable business through the BCorp certification at Bikmo.com.
About the Development Bank of Wales
The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market.
Launched in October 2017 it is a cornerstone organisation for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It promotes economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It delivers key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.
The Development Bank of Wales invested £80m across 420 investments in the financial year 18/19 which in turn attracted £126m in private sector investment. See the Development Banks of Wales latest performance here
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,100 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage, ownership and integrity.
We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.