Smart bike lock startup Lock8 secures 7 figure investment

London and Berlin-based startup Lock8 has secured funding from two major investors in order to begin rolling out its smart lock and bike-sharing program in the US and Europe.

Horizons Ventures and Otto Capital have both committed to what is reported to be a seven figure investment in the company.

"We are extremely happy about this investment round and the expertise we gained with our board members," Lock8 CEO Franz Salzmann told Berlin tech news site Venture Village." We will now be able to roll out very quickly in the US and Europe."

The concept behind what Lock8 dubs the "world's first smart bike lock" is a keyless bike lock that uses a smartphone as an 'e-key'. This system allows multiple people to use the bike by sharing the e-key with other smartphones.

The smart lock also uses GPS so that in the event the bike is stolen or lost, it can easily be relocated and recovered.

Lock8 first presented its smart bike lock idea to the world last October at Techcrunch: Disrupt Europe in Berlin, eventually going on to beat hundreds of other startups to win the coveted Disrupt Cup.

Since then the company has gone on to reach its £50,000 Kickstarter target with over 700 backers. The investment from Horizons Ventures is a particular coup for the company, as with it comes the backing of one of Asia's wealthiest men, Li Ka-Shing. Previously, Ka-Shing has invested in Facebook, Spotify and Skype.