Cycle insurer Bikmo raises £1.8m in Series A funding led by Development Bank of Wales
The investment will support international growth and a relocation of the UK headquarters to Flintshire.
Share allotment filed at Companies House
Bikmo provides specialist adventure sports insurance policies with a primary focus on cycling protection across multiple European markets.
Bikmo has secured £1.8m in a Series A funding round to support its international expansion and capitalise on the recent growth in cycling.
The investment was led by the Development Bank of Wales alongside specialist insurer Hiscox and various angel investors. Part of the proceeds will facilitate the company relocation of its UK headquarters to Flintshire.
The firm currently protects more than 15,000 policyholders and plans to use the capital to drive further market penetration across the UK, Ireland, Germany and Austria.
From the founder
"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."
David George
CEO at Bikmo
Investor perspective
"Bikmo benefits from a compelling combination of scalable technology, management experience and a wealth of passion for cycling."
Rhodri Evans
Deputy Fund Manager, Development Bank of Wales
Use of funds
- 01Expand into international markets
Investors
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About the company
Bikmo
Bikmo offers specialist insurance coverage tailored for cyclists and adventure sports enthusiasts.