HumanForest, the London e-bike company, has raised £12 million in a Series A funding round, bringing its total funds raised to £17 million.
The Series A includes a £5 million project finance facility from sustainable finance specialist, Triodos Bank UK, and £7 million equity investment from global family offices, Cabify executives, the founder of TheVentureCity and existing investors.
Laura González-Estéfani, founder of TheVentureCity, said: “When I met the founders of HumanForest, Cabify Alumni, I thought – wow Chilean talent for the world. I have seen the founding team build the company over the past year with austerity, resilience and fully focused on data, never focused on the crazy context.
“No challenge is big enough for this team – they are building something very very special; they truly are trailblazers in this space.”
The Triodos Bank-backed funding will enable HumanForest to double the size of its e-bike fleet to meet growing demand for its services. The company has quickly grown market share in London since its launch 18 months ago, reaching 300,000 new users, completing almost 2 million trips and winning licences in nine Boroughs.
Amandine Tetot, head of project finance at Triodos Bank UK, said: “As a bank that is looking to finance systemic transformation, we have clear ambitions to expand our portfolio into pioneering projects and financing structures to support decarbonisation solutions.
“HumanForest is a fantastic example of a company that is innovating shared modes of transport to tackle urban pollution while increasing access to affordable transport – thereby contributing to more liveable cities. It’s exciting to be able to support HumanForest to reach more people across London and beyond.”
HumanForest will launch in Kensington and Chelsea, Lambeth, Merton and Southwark shortly and renewed its licence to operate in the City of London last month.
Vicente Pascual, co-founder of Cabify and board director and investor at HumanForest, said: “It has been a pleasure working side by side with Agustin for over 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.”
The new equity will be invested in technology, further developing the company’s advertising technology platform and user app. The operator’s ad tech platform allows companies to use their ad spend to provide 10 minutes free cycling daily to HumanForest users, supporting the modal shift needed to decarbonise transport.
Martin Vial, investment analyst at LarrainVial Asset Management, said: “The passion and commitment of the founding team is infectious and has created an incredible culture which we back to succeed in this transformative industry. We are proud to be on the journey with HumanForest as they consolidate their position in London and expand into new markets.”
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HumanForest was advised by SDG Investments GmbH, who arranged and placed the asset based transaction. SDG Investments is a digital matching platform for sustainable financing aligned with the UN’s Sustainable Development Goals, with experience in financing micro-mobility operators.
Agustin Guilisasti, CEO and founder at HumanForest, said: “Sustainable micro-mobility is a force for good in cities but to bring meaningful change it must be affordable and accessible.
“This funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital efficient approach to growth. 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.”