Lauf Forks secured $2.5M in an investment round led by The New Business Venture Fund.
Lauf Forks, a Reykjavik, Iceland-based manufacturer of bicycles, announced in a press release securing a ISK 300M ($2.5M) in capital investment.
The financing round was led by local investor Nýsköpunarsjóður (The New Business Venture Fund) and is intended to sustain the company's continued development in the US market.
Lauf Forks was founded in 2011 by Benedikt Skúlason and Guðberg Björnsson, when the two invented a bicycle fork which was the lightest in the world. The fork has paved the way for building and selling universal bicycles under the brand name Lauf - the Lauf Forks' bicycles are already sold in more than 70 stores and through distributors worldwide.