Bringing in a Chair: a founder’s view from the inside

At our recent Portfolio Conference, Kelvin Reader, Investment Director, hosted a discussion with David George, CEO and founder of Bikmo, about a question many scaling founders face: when is the right time to appoint a Chair, and what difference can the right person make?

Bikmo is a specialist bicycle and e-bike insurer operating across the UK and Europe, protecting around 90,000 riders, with a mission “to protect the world’s riders”. We invested £4.75 million into Bikmo in December 2024, building on our original £3.4 million Series A extension round that we led in October 2023.

Why a Chair matters as you scale

From our perspective, bringing in a Chair can be a meaningful step in a company’s scale-up journey, particularly in two areas.

Firstly, governance that genuinely supports growth. As companies scale, it becomes harder to balance day-to-day execution with long-term decisions. A strong Chair can help make board meetings more productive by shaping agendas, improving board packs, and moving discussions beyond short-term firefighting towards longer-term initiatives and “big bets” that need proper stress-testing.

Secondly, support for the CEO. Leadership can be isolating, and the shift from “doing” to being a leader of leaders is significant. Kelvin noted that a good Chair can act as a mentor and stabilising influence, helping founders navigate competing stakeholder priorities and manage heated boardroom dynamics when they arise.

Bikmo’s inflection point

David shared how Bikmo’s board evolved over time. The business began in 2011, pivoted into insurance in 2014, and had a relatively informal, investor-heavy board for a number of years.

A key moment came in 2023 when Puma became Bikmo’s first major scale-up investor. David described stepping back to assess what the business needed over the next few years and deciding it was the right time to search for a new Chair aligned to that next growth phase.

Founder concerns (and how to manage them)

Kelvin raised common founder worries: loss of control, fear the Chair will side with investors, or concern that the Chair could influence management changes. David didn’t dismiss those concerns, but emphasised they are mitigated by choosing the right person and building a relationship rooted in openness and transparency.

What to look for in a Chair

David’s view was clear: a Chair should be appointed with the next stage of growth in mind. For Bikmo, that meant someone who could add value during a growth phase that included exploring M&A opportunities, scaling the business and potentially expanding into new territories.

He also highlighted three practical attributes:

• Ability to hold the whole board to account, not just the CEO. 
• Willingness to challenge and support the founder, including creating a useful “upward feedback” dynamic many CEOs rarely get.
• Real experience, including the “battle scars” the Chair has been through, because failure often teaches more than success.

The business ultimately appointed Steve Mendel, the former CEO and co-founder of ManyPets, as Chair. David highlighted his immediate impact: from the first board meeting, Steve held directors to account and set expectations early. He was also available for David to have regular check-ins with when needed outside of the boardroom environment.

Final thoughts: the value of the right Chair

The core message from the session was that recruiting a Chair isn’t a formality. Appointed well, the role can lift the quality of governance, strengthen decision-making and provide meaningful support to a founder navigating the challenges of scaling a business.

Our goal at Puma Growth Partners is to ensure that the companies we back have the greatest possible chance of success. We work closely with these businesses and bring all our experience to the table, to help them leverage their competitive advantages and turn the capital we’ve invested into long-term value. We have wide networks and often supports the businesses we invest in to find an excellent Chair. You can find out more here in our Best Practice Guide to Boards.