Cycle insurance insurtech Bikmo has raised £1.8m under plans to expand the business in the UK, Ireland, Germany and Austria. As part of the fund raising it will move its head office from Chester to Wales.

The series A venture capital funding of £1.8m was led by Development Bank of Wales, alongside insurer Hiscox and existing and new angel investors.

Part of the £1m equity and loan investment by the Development Bank of Wales involves Bikmo moving into new premises in Flintshire. Bikmo also has offices in Innsbruck, Austria.
Bikmo was founded in 2014 and has over 15,000 active policy holders and 30 employees.

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, deputy fund manager with the Development Bank of Wales added: “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.”

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