HumanForest, the parent company of eBike operator Forest, has raised a £5 million extension to its Series A round as it plans to expand into Europe next year.
The company has quickly grown market share in London since its launch two years ago, growing on average 35% MoM, reaching half a million users and winning licences in 12 boroughs.
It has now secured agreements with Kensington & Chelsea, Westminster and Haringey and will add these to its operational service area.
The total Series A has reached £17m and includes equity investment from Güil Mobility Ventures, Fen Ventures and multiple Cabify executives. It will be invested in technology, further developing the company’s advertising technology platform and parking compliance software.
The AdTech platform connects brands with Forest’s riders and makes the service more affordable. Brands are advertising with purpose by facilitating the modal shift needed to decarbonise transport.
The project finance facility was from Triodos Bank UK. This enables Forest to further accelerate expansion of its London fleet to meet growing demand for its services. This follows the highly successful launch of the ‘River’ eBike fleet in August 2023, a charitable partnership of which 5% of ride proceeds go to The Rivers Trust.
The firm claims that a trip with Forest is, on average, 50% more affordable over a 20-minute period than its competitors, leading to a strong commuter user base. Over 50% of daily users complete more than one trip daily.
Lisa Gansky, director of Güil Mobility Venture fund, will join the company’s board. “Forest is a perfect example of the type of team, company and impact that güil Mobility Ventures is dedicated to funding and supporting,” she said.
“We are delighted to accelerate Forest’s reach and capacity to offer affordable, eco-friendly urban mobility for London and beyond. We are confident that partnerships like the one with The Rivers Trust will speed HumanForest’s growth and impact, enabling the company to deliver sustainable mobility for urban communities globally.”
Amandine Tetot, head of project finance at Triodos Bank UK, said: “Since our initial finance arrangement earlier this year, it’s impressive to see Forest go from strength to strength as it rolls out its fleet to more London boroughs.
“It’s just the kind of forward-thinking company that we want to partner with, as we all work towards net-zero solutions for cities. We are proud that Forest took the opportunity of rolling out new e-bikes to drive awareness of UK waterways and generate funds in support of The Rivers Trust.”