An insurtech company used by Deliveroo to provide coverage for bikes and e-bikes has secured £3.4m in funding.
Bikmo, a Chester-based company, said it would use the fresh capital for European expansion. Bikmo currently insurers over 75,000 riders in the UK, Ireland, Germany and Austria.
Founded in 2014, Bikmo works with commercial brands such as Deliveroo, along with providing coverage for consumers for events such as triathlons.
Bikmo added that the new funds would help develop its recently developed application programme interface (API) technology.
It has built a platform to integrate its insurance products into other services, known as embedded insurance.
The first of these partnerships was with BuyCycle in Germany.
“The investment will allow us to invest into the people and technology we need to both support and protect our existing rider base and trusted partners, as well as exciting growth projects,” said David George, CEO of Bikmo.
The Series A expansion round was led by Puma Private Equity and is the firm’s latest North West investment since establishing a Manchester office earlier this year.
Kelvin Reader, investment director at Puma Private Equity, said Bikmo is “ideally placed as one of the UK’s largest specialist bike insurers to capitalise on the e-bike movement and the increasing number of people opting to use bikes as a mode of transport”.
Bikmo said that 40% of new policyholders are insuring e-bikes, reflecting the growing adoption of electric two-wheelers.
Bikmo’s previous round – and its first funding from venture capital – came in a £1.8m round in May 2020.