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 – whilst consciously retaining the high-tech manufacturing in South Wales.
Senior investment executive from Finance Wales Dr. Richard Thompson 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.”
Litelok also recently secured a deal with major UK retailer Evans Cycles, which is proving a big success. “We’re delighted with the way Litelok is resonating with our urban cycling customers,” said Evans accessories buyer Jimmy Challis.