HumanForest, known for its cost-effective and eco-friendly eBike app Forest, has raised an additional £5M (around €5.73M) in its Series A funding extension.
With this extension, the total Series A investment for the company reaches £17M (about €19.51M), adding to the initial £12M funding announced earlier in April of the same year.
Earlier in April, HumanForest underwent a rebranding, transitioning to the new name Forest.
Backers Funding Forest Initiative
This funding round for HumanForest includes contributions from two venture capital firms and supplementary investment from Triodos Bank UK, known for its focus on sustainable finance.
Additionally, Forest has received equity investments from Güil Mobility Ventures, Fen Ventures, and select executives from Cabify.
Amandine Tetot, the Head of Project Finance at Triodos Bank UK, remarked, “Following our initial finance agreement earlier this year, it’s remarkable to witness Forest’s expansion across more London boroughs.”
“Tetot added, “HumanForest represents the kind of innovative and progressive company we aim to support in our collective journey towards net-zero city solutions.”
As part of the agreement, Lisa Gansky, Director of Güil Mobility Venture fund, will join the board of Forest.
Gansky expressed enthusiasm about the partnership, stating, “We’re excited to bolster Forest’s mission in providing affordable, green urban transport solutions in London and beyond. Collaborations like our partnership with The Rivers Trust will catalyze HumanForest’s growth and influence, enabling the firm to offer sustainable urban mobility solutions on a global scale.”
The allocated funds will be used to enhance technology, particularly focusing on refining Forest’s advertising technology platform and its parking compliance software.
Forest’s advertising platform serves a dual purpose: it connects brands with Forest’s user base and helps keep the service affordable for riders.
Moreover, Forest plans to quickly increase its eBike fleet in London, responding to the growing demand for its services. This decision follows the “successful” introduction of the ‘River’ eBike fleet in August 2023, a fleet that operates in partnership with a charity, dedicating 5% of ride revenues to The Rivers Trust.
The company has also achieved significant milestones, boasting half a million users, obtaining licenses in 12 London Boroughs, and securing agreements with Kensington & Chelsea, Westminster, and Haringey. This progress sets the stage for HumanForest’s planned expansion into Europe in the forthcoming year.
Cost-Effective, Eco-Friendly eBike App Launches in London
Founded by Agustin Guilisasti (formerly of Cabify), along with co-founders Caroline Seton and Michael Stewart, Forest has been operational since 2021. In this time, the company has facilitated over two million rides, effectively reducing CO2 emissions in London by more than 250 tonnes.
Forest boasts an average fare that is approximately 50% cheaper for a 20-minute ride compared to its competitors, making it particularly appealing to regular commuters.
The company has seen a swift increase in its London market presence since its inception two years ago, with over half of its daily users taking multiple trips. This has contributed to an impressive average monthly growth rate of 35%.
Operating entirely emission-free, HumanForest uses certified renewable energy for all its bikes and service vehicles. It is recognized as a B Corp, an accolade it shares with only two other global micro-mobility firms, and it stands out as the only micro-mobility company to have received Verra validation.
Overview of Güil Mobility Venture and Fen Ventures
Founded in Santiago de Chile in 2019, Güil is a Latin American Venture Builder company, initially backed by the Kaufmann Group. It specializes in developing and investing in innovative mobility solutions that tackle social, environmental, and economic challenges.
Güil assists and fosters growth in teams with market expertise, investing in early-stage concepts capable of transforming the future of mobility.
Fen Ventures, established in 2012 and based in Santiago, is a venture capital firm concentrating on early-stage investments. This firm is actively involved in supporting the growth and expansion of entrepreneurs within its portfolio. Fen Ventures targets technology startups poised for financial success and significant social and environmental contributions.