Sharelock, based in Paris, raised 4 million euros in a funding round for a new level of safe parking in soft mobility. The funds will be used to accelerate the production of its locks, as well as to recruit new team members.
Discussing the company’s rationale, start-up co-founder Nicolas Louvet explains that parking is at the heart of the bike system because bikes remain stationary for over 95% of the time
According to studies, solving the issue of safe parking on a large scale will double the share of bicycles. This is a real opportunity that will have a massive impact on cities.
Similarly to booking a bike, scooter or car, Sharelock operates on the same condition, using an app, accessing the product, and utilizing it.
The lock will detect and notify users of any vandalism or attempted theft, and in case of proven theft, the newly formed company will automatically release a refund of 200 euros within 48 hours through an embedded insurance partner.
And it’s the insurance perspective where Sharelock’s real growth comes into play here. Through the collection of user data, the company can then offer to its partners, in cities, mobile operators, etc. a stream of valuable numbers and data.
This data will be the key to developing new products and features, including both elements such as travel optimization tools, as well as insurance products development.
The company says it is already working hard to develop and implement its own innovations and solutions in the insurance sector. Sharelock’s initial funding was provided through Breega and the Banque des Territoires (CDC).
Since the start of the pandemic, the use of bicycles in cities has increased significantly. Finding a place to park the bike safely, however, remains a challenge. Sharelock’s amenities address this issue by offering cities a simple, convenient, and completely free solution.
In addition, thanks to the mobility data collected through its app, Sharelock will allow cities to better understand and map the needs of their residents, according to Breega’s François Paulus.