Litelok, the bicycle security firm founded by a former aeronautical engineer in Swansea, has secured a seven-figure co-investment from Finance Wales and Business Angels.
Founder and CEO, Professor Neil Barron, said: “We’re delighted to secure this funding, which is a tremendous endorsement of our vision to develop a range of innovative products and technologies in bike security.”
The funds will be used to invest in sales, marketing and product development – keeping the high-tech manufacturing in South Wales.
Dr. Richard Thompson, Senior Investment Executive from Finance Wales, added: “As a cyclist and a Materials Scientist, I’m impressed at how Neil has created a step change in bike security. With this substantial investment we look forward to working with him and his team to introduce a range of innovative Litelok security products – all manufactured in South Wales.”
Already selling in 57 countries world-wide, Litelok recently secured a deal with UK retail chain Evans Cycles.
Litelok is available in three colour-waves: Crow Black, Herringbone and the striking Boa Green, costing £85.00 each or offering twin packs at £160.00.