Reykjavik startup Lauf Forks announced early in May that they had closed a €1,2 million (190 million ISK) Series A round of financing to fund further product and market development.
Lauf forks are makers of an innovative bicycle suspension fork which requires no maintenance and has no moving parts. Following in the footsteps of Elon Musk‘s Tesla, they are starting with a high end fork and plan to move on to simpler editions in the future.
Lauf Forks was conceived in 2010 by composite engineer Benedikt Skúlason while working for Icelandic prosthetics company Össur and mountain biking in his spare time. He convinced his friend Gudbergur Bjornsson to join the company and in 2011 they were working full time on the project.
Early funding included financing from friends and family but large grants from the Technical Development Fund, a 5 million ISK pioneer grand and a project grant of 10 million ISK per year for three years really assisted the company in taking off. In addition Lauf received smaller grants from Landsbankinn bank and Innovation Center Iceland.
Currently the company has five full time employees and a product already selling on the market. They have been selling both through their own website as well as through distributors and have a goal of selling one thousand Lauf Forks in the year 2014.
This video explains further the function of the fork.
Picture: Lauf Forks