Litelok raises £232,000 with Kickstarter round
Crowdfunding will be used to bring lightweight, flexible bike lock to market
Swansea-based bike lock start-up Litelok has secured £232,078 via crowdfunding site Kickstarter.
Founded in 2013 by industrial design graduate Neil Barron, Litelok produces and manufacturers a lightweight, flexible bike lock which can be secured around a wider range of fixed objects than just D or U locks. The one kilogram lock meets British and International lock quality standards,and uses multiple lightweight materials to create a composite strap.
The funding, which the company intends to use for tooling, accreditation and its initial production run, reinforces Startups.co.uk’s guide for what businesses to start in 2015 with bike safety accessories one of the hottest trends this year.
Alongside Litelok, cycle light start-up Blaze and innovative cycling helmet Hövding have both raised significant funding recently in line with growing bike safety concerns and demand for new cycling equipment.