Climate Insider Brief:
- HumanForest, the UK-based micromobility startup behind the Forest eBike app, secured a £5 million extension in its Series A funding round.
- The funding comes from venture capital firms, including Güil Mobility Ventures and Fen Ventures, along with additional support from Triodos Bank UK.
- The raised funds will be dedicated to technological advancements, focusing on enhancing Forest’s advertising technology platform and parking compliance software.
PRESS RELEASE – November 22, 2023 – HumanForest, the parent company of Forest – an affordable and sustainable eBike app, has secured a £5M (approximately €5.73M) extension to its Series A round of funding.
This round brings the total Series A funding to £17M (approximately €19.51M), building upon the initial £12M investment announced in April of the same year.
Investors supporting Forest
The funding comes from two venture capital firms and additional funding from Triodos Bank UK, a sustainable finance specialist.
Forest has also secured equity investment from Güil Mobility Ventures, Fen Ventures, and several executives from Cabify.
Amandine Tetot, Head of Project Finance at Triodos Bank UK says, “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.”
With this deal, Lisa Gansky, Director of Güil Mobility Venture fund will join Forest’s board.
Gansky says, “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.”
Capital utilisation
The funds will be dedicated to advancing technology, with a focus on improving Forest’s advertising technology platform and parking compliance software.
The company’s advertising platform not only connects brands with Forest’s riders but also plays a role in making the service more affordable.
Forest is also set to expedite the expansion of its eBike fleet in London to address the increasing demand for its services. This move comes after the “successful” launch of the ‘River’ eBike fleet in August 2023. This fleet operates under a charitable partnership, with 5 per cent of ride proceeds dedicated to supporting The Rivers Trust.
Additionally, the company boasts half a million users, licenses in 12 London Boroughs, and has secured agreements with Kensington & Chelsea, Westminster, and Haringey, positioning itself for expansion into Europe in the coming year.
An affordable and sustainable eBike app in London
Forest was founded by Agustin Guilisasti (ex-Cabify), with co-founders Caroline Seton and Michael Stewart. Since its launch in 2021, the company has completed over two million rides, preventing over 250 tonnes of CO2 emissions in London.
Forest claims to offer trips that are, on average, 50 per cent more affordable over a 20-minute period compared to competitors, attracting a robust commuter user base.
With over half of its daily users completing multiple trips each day, Forest has rapidly gained market share in London since its launch two years ago, experiencing an average monthly growth of 35 per cent.
Currently, Forest operates with zero emissions, utilising certified renewable energy for all bikes and service vehicles. It holds B Corp accreditation, a distinction shared by only two global micro-mobility companies, and is the sole micro-mobility company to receive Verra validation.
Brief about Güil Mobility Venture and Fen Ventures
Güil is a Latin American Venture Builder firm founded in Santiago de Chile in 2019, with initial support from the Kaufmann Group. It focuses on creating and investing in impactful mobility solutions, aiming to address social, environmental, and economic challenges.
Güil supports and accelerates teams with market expertise and invests in early-stage ideas that have the potential to reshape the future of mobility.
Founded in 2012, Fen Ventures is a Santiago-based venture capital firm that specialises in early-stage investments.
The firm actively supports entrepreneurs in its portfolio, helping in their growth and expansion. Fen Ventures focuses on technology startups that have the potential to generate both financial returns and significant social and environmental impact.
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SOURCE: Silicon Canals
Featured Image: Credit: Forest
