Litelok secures seven-figure investment

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.

In other news...

The top five jobs in the bike trade this week – 24th March

The BikeBiz jobs board helped filled over 740 positions in 2022, and listings are still …