Pentalock raises €1.6 million as customer book grows
OEM bike security device maker Pentalock has raised € 1.6M in pre-seed funding from current and new investors in Denmark.
The Danish company was founded in 2016 by two engineers and was grounded in the idea of stopping bike theft altogether. In 2017 the company started offering a debut product and since then it has been competing in a growing marketplace for internal bike security devices, fitted by manufacturers as part of the bike assembly process.
PentaLock replaces the bicycle crank and is thus integrated into the bicycle frame. It is designed as a bottom-bracket replacement with features such as internal locking, an integrated theft alarm and an accompanying wireless key for instant lock and unlock, among other features. The key fob uses Bluetooth to register when the bike owner is not near the bike and automatically locks, preventing the bike from being stolen.
“We wanted to make a bike lock that cyclists actually liked to use, and at the same time eliminate the risk of theft,” says Emil Norup, CEO and co-founder of PentaLock.
The funding round is completed at a good time. PentaLock has experienced a speeding up in the production process this year and of demand too. There are at least five bike manufacturers on board with the device maker, which means that end consumers will soon have access to bikes equipped out of the box with the anti-theft gear.
“We are very grateful that so many Danish business angels will help to support us and join the journey. Now it can only go one way and it is forward and work further on our vision,” added Norup.
