LOCK8, a London, UK- and Berlin, Germany-based provider of a smart bike lock for bicycle-sharing programs, raised a 7-figure venture capital funding.
Backers included Horizons Ventures and Otto Capital.
The company intends to use the funds to test, produce and roll out LOCK8 in the US and Europe.
Founded in July 2012 by Franz Salzmann (CEO) and Dr. Daniel Zajarias-Fainsod (CTO) VeloLock, the company behind LOCK8, also has offices in the USA and is backed by business angel Christophe Maire.
With its bike sharing platform, the smart bike lock allows any bicycle fleet to be connected to a rental platform, so bikes can be reserved and booked remotely through the app. A GPS/GSM chip integrated in the LOCK8 enables customers to locate and unlock the bicycle without handing over keys. Interested organizations include governments, municipalities and bicycle rental agencies from all over the world.
LOCK8 is available for pre-order during the company’s Kickstarter launch until 2nd December. The campaign already reached the $50k target having raised £52,272 (read here).