Lauf closes a $2M funding round

Icelandic bicycle startup Lauf has just closed a $2M funding round which values the company at around $23M. The majority of the capital came from new shareholders, but Lauf had previously raised $2.5M from the New Business Venture Fund.

The company’s yearly revenue has doubled for the last 3 years and this year the company reached profitability with revenue close to $7.5M. According to a press release the funds raised will be used to fuel growth in the US market where 80% of their revenue comes from and the company recently set up an office in Virginia.