HumanForest has raised £12 million Series A funding which will see it double its fleet of electric bikes in London and expand into Europe.
The TransportTech 50 firm, based in the UK capital, has been backed by a £5m facility from sustainable finance specialist Triodos Bank UK.
TheVentureCity’s founder and CEO Laura González-Estéfani and Cabify co-founder Vicente Pascual participated in the £7m equity funding alongside private wealth management firms.
It also plans to invest into its user app and advertising technology platform., which it says provides riders with 10 minutes of free cycling every day.
“This funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital-efficient approach to growth,” said Agustin Guilisasti, CEO and founder.
“Deeply aligned with our commitment to a more sustainable future, Triodos Bank is a natural partner for us and an important part of our expansion into Europe.”
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In 18 months HumanForest has amassed 300,000 users, completed almost 2 million trips and acquired licences in nine London boroughs.
Pascual, a board director at HumanForest, has worked with Guilisasti for more than a decade.
“Through its advertising tech platform and broad customer appeal, HumanForest is a second-generation micro-mobility company on the cusp of profitable growth,” Pascual said.