London-based HumanForest, a free-to-use shared electric bike firm, has raised £1.8m.
The funding comes investors including the founders ride sharing App, Cabify.
Set up by former-Cabify lead, Agustin Guilisasti and backed by both Cabify Founders, Juan de Antonio and Vicente Pascual, HumanForest offers 20 minutes free per day and corporate subscription service.
Vicente Pascual joins the Board along with Stefan Tilks, ex-Volvo President and CEO of NEVS AB, the Swedish electric car manufacturer.
Since HumanForest launched in June this year, 14,000 riders have taken almost 42,000 rides with the number of rides increasing by over 100% month on month.
The investment will be used to support the roll out of 1,000 e-bikes which arrive at the end of this month and to grow the fleet to 2,000 e-bikes in the capital within a year.
Pascual said: “I worked with the team at HumanForest for ten years at Cabify and I believe that this is another disruptor. It is three disruptors in one; it provides free mobility for users through its partnership model, protects the planet and appeals to partner companies who seek to demonstrate their social impact. We are already seeing the success of the model and I am excited to be involved in its future growth.”
Co-founder Caroline Seton added: “This investment and the completion of our board are further positive steps for HumanForest as we grow our footprint in London to service this demand. We will benefit enormously from Vincent and Stefan’s expertise.”