12 years ago

LOCK8 Secures 7-Figure Funding for Smart Bike Lock Expansion

  • LOCK8, a UK and Germany-based provider of a smart bike lock for bicycle-sharing programs, has raised a 7-figure venture capital funding from Horizons Ventures and Otto Capital

  • The company plans to use the funds to test, produce, and roll out LOCK8 in the US and Europe

  • The smart bike lock enables any bicycle fleet to be connected to a rental platform, allowing bikes to 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.

      • ProblemTechnology

      "Bike sharing programs are struggling to scale because of the hassle of returning bikes to designated locations and the limitations of manual key systems."

      Solution

      "LOCK8 is a smart bike lock that integrates GPS/GSM technology to allow bikes to be reserved and unlocked remotely through an app, making bike sharing more convenient and efficient."

      Covered on