Lithuanian Laba7 raises €640k for suspension workshop tools development
The Vilnius-based suspension workshop equipment developer Laba7 has raised €640,000 in a seed round for further growth and development. The round was led by Lithuanian Business Angel Network LitBAN. The Vilnius-based fund CoInvest Capital also participated.
- Founded in 2018 by Andrius Liskus, Andrius Petkauskas, and Marius Ramanauskas, Laba7 develops suspension workshop tools, setup equipment, together with suspension testing technology.
- Shock absorber diagnostic and adjustment stands, spring measurement and vacuum shock absorber filling equipment manufactured by the company are used by such industry’s world leaders as FOX, ZF Sachs, SR Suntour, and others.
- The round was led by Lithuanian Business Angel Network (LitBAN). Founded in 2018, the community now has over 200 members. As of 2021, LitBAN angel startup investment numbers total more than €15 million. The most recent investment of LitBAN includes open data startup Okredo that has scored €650,000 in a seed follow-up funding round.
- Laba7 will use the investment to further strengthen the R&D division, to bring more products to the market, and to further invest in marketing and PR efforts.