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HumanForest, the parent company of Forest, has raised a £5 million extension to its Series A after securing investment from two venture capital firms and further funding from sustainable finance specialist, Triodos Bank UK.
The total Series A has now reached £17 million, following an initial investment of £12m which was announced in April this year.
Agustin Guilisasti, CEO and founder of Forest, said: “The extension of the Series A to £17m 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.”
Equity investment included funding 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.
Advertising technology on the company’s platform connects brands with Forest’s riders and makes the service more affordable.
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. It follows the successful launch of the ‘River’ e-bike fleet in August 2023, a charitable partnership of which 5% of ride proceeds go to The Rivers Trust.
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 London Boroughs, and is gearing up for expansion into Europe next year.
Forest has secured agreements with Kensington & Chelsea, Westminster and Haringey and will add these to its operational service area.
Amandine Tetot, head of project finance at Triodos Bank UK, added: “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.”
