The total Series A has reached £17 million, following an initial investment of £12 million which was announced in April this year.
The 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.
The company’s unique advertising technology 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 the 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.
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.
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 twelve 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, 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.”
Lisa Gansky, Director of Güil Mobility Venture fund, said: “Forest is a perfect example of the type of team, company and impact that güil Mobility Ventures is dedicated to funding and supporting. 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.”
Cristobal Silva, Managing Director of Fen Ventures fund, said: “Fen Ventures is proud to have contributed to Forest’s Series A extension. We feel the company is at the forefront of the micro mobility sector, operating in an innovative and intelligent way by using its adtech to create a strong business model. With Fen’s experience investing in high impact technology companies, we feel this latest investment compliments our existing portfolio and we look forward to seeing the company’s continued growth.”
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.”
