Bike insurance startup Bikmo has allegedly netted £1.8m in its Series A funding round as it looks to move its head office to Wales after the coronavirus pandemic clears.
The company, which is currently headquartered in Chester, England, will use the capital to support its move to Flintshire, Wales, according to a report from Businessnews Wales.
Development Bank of Wales led the investment, with additional contributions coming from Hiscox and a number of unnamed angel backers, the report said.
Bikmo, which also has offices in Austria, provides a selection of bicycle insurance policies, covering theft, accidental damage and public liability. In the event of the cyclist being at fault, whether that is on their commute, club run or just our rising, Bikmo insurance will cover up to £2m in damages.
The insurance policy can also cover competitions and international excursions.
Bikmo CEO David George told Businessnews Wales, “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.”
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