Today, HumanForest, the parent company of e-bike operator Forest, has raised a £5 million extension to its Series A funding round, bringing its Series A total to £17 million.
The total Series A has reached £17m, following an initial investment of £12 million in April this year.
Forest is a sustainable micromobility platform, founded by Agustin Guilisasti, ex-Cabify alongside Caroline Seton and Michael Stewart.
Since its 2021 launch, it has completed over two million rides and saved over 250 tonnes of CO2 in London’s air.
The company is one of just two micro-mobility companies globally to have B Corp accreditation and the only micro-mobility company to have received Verra validation.
Since its launch two years ago, its grown on average 35 percent MoM, reaching half a million users and winning licenses in twelve London Boroughs, and is gearing up for expansion into Europe next year.
On average, a trip with Forest is 50 percent more affordable (over a 20-minute period) than its competitors, leading to a strong commuter user base. Over 50 percent of users complete more than one trip daily.
The equity investment included funding from Güil Mobility Ventures, Fen Ventures, multiple Cabify executives, and sustainable finance specialist Triodos Bank UK.
It will be invested in technology, further developing the company’s advertising technology platform and parking compliance software.
According to Agustin Guilisasti, CEO and Founder of Forest:
“The extension of the Series A to £17 million is a testament to Forest’s resilient business model and our growth trajectory. Forest operates at the intersection of the needs of cities to decarbonise travel and users who need affordable solutions.
We are proud to be growing our service with further support from Triodos Bank UK and two new partners.”
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 we want to partner with, as we all work towards net-zero solutions for cities. We are proud that Forest took the opportunity to roll out new e-bikes to drive awareness of UK waterways and generate funds to support The Rivers Trust.”
Lead image via Forest. Photo: Uncredited.