New leadership team and fresh investment at cyclist insurer Bikmo

Specialist cycle insurer Bikmo has received an additional £4.75million in its growth funding round, building on the £3.4m investment led by Puma Growth Partners in October 2023.
The Chester-based business has also appointed a new chair, Steven Mendel, former CEO and co-founder of ManyPets. His experience in scaling fintech companies is designed to help Bikmo “improve its operations and secure new strategic partnerships” a statement from Puma said. His appointment is subject to approval by the Financial Conduct Authority.
This latest round of funding will be used to drive growth in Europe across direct sales, partners, leasing and commercial channels.
Earlier this year the business hired Ben Thompson, ex-Director of Global Business Development at Komoot as Chief Growth Officer.
Gemma Germains, formerly Canyon’s Global Head of Digital Experience Design, has also joined as Chief Experience Officer. Her expertise is in digital transformation.
On top of this, the business has also agreed collaborations with Cycling UK, the Association of Cycle Traders (ACT) and global cycling brand Trek which it hopes will promote Bikmo’s insurance products to cyclists.
David George, CEO at Bikmo shared his enthusiasm for the recent developments: “With fresh global experience in our new leadership talent and strong partnerships with the likes of Cycling UK, the ACT and Trek, we’re setting ourselves up to deliver even more value to cyclists and bike businesses, making insurance simpler and more accessible for everyone who loves to ride.”
Louise Towers, CFO at Bikmo added: “This significant second round of investment from Puma is a resounding endorsement of our business model, the strength of our pipeline and our team’s ability to deliver. The additional capital will enable us to further accelerate our growth across Europe and deliver exceptional value to our customers.”
Steven Mendel, incoming Bikmo Chair, added: “Bikmo has already achieved strong growth across the UK and Europe, securing important partnerships as it works to become a leader in cycle insurance. Looking ahead, I’m eager to help drive further expansion and support the development of a world-class leadership team. With my experience in scaling insurance companies, I’m excited to work closely with the talented Bikmo team to unlock greater opportunities for growth and innovation.”
Kelvin Reader, Investment Director at Puma Growth Partners said: “Since our initial investment in Bikmo, it has been a pleasure working with David, Louise and the team to support their growth. They have made significant steps, from securing notable partnerships to scaling in key territories, while staying true to their mission of protecting riders. The new strategic hires from Canyon Bicycles, Komoot and ManyPets will be pivotal for Bikmo’s growth and we look forward to their impact. We are excited to back the business again in this investment round to accelerate their growth across Europe, secure new partnerships and expand their commercial insurance offerings.”
“It also marks our ongoing commitment to support companies based in the North West. Having set up a Manchester office to expand our presence in the North headed up by Investment Director, Mark Lyons, we continue to be excited by the quality of the scale-up businesses developing within the region.”