HumanForest, the company behind London-based e-bike operator Forest, has secured an extra £5m for its Series A round to bring the total to £17m.
The micromobility company launched in London two years ago and says it now has half a million people using its rental e-bikes.
HumanForest secured the additional equity funding from investment firms Güil Mobility Venture and Fen Ventures. Multiple executives from Cabify, the Spanish multi-mobility company, also provided investment.
It has also secured additional financing from Triodos Bank UK.
The startup said it will invest the funds in its advertising technology platform, which displays brand advertising to reduce the cost of renting its e-bikes.
“Forest operates at the intersection of the needs of cities to decarbonise travel and users who need affordable solutions,” said Agustin Guilisasti, CEO and founder of Forest. “We are proud to be growing our service with further support from Triodos Bank UK and two new partners.”
Forest said its market share in London has grown on average of 35% on a month-on-month basis. It now has licences in twelve London boroughs – including Kensington & Chelsea and Westminster – and is eying European expansion next year.
It comes after HumanForest secured the first £12m tranche of Series A funding in April.
HumanForest previously raised £2.3m in a funding round back in August 2021.