London-based micromobility company Forest has secured a further £27m in funding, taking its total Series B round to £40m.
The round supports the continued expansion of Forest’s e-bike operations as it scales across the capital.
The company has invested in 2,600 parking bays to date, and the new funding will enable further investment in the city’s cycling infrastructure, as well as continued technology and app developments to drive ongoing improvements in parking compliance and safety features.
Forest has utilised the global boom in demand for affordable and sustainable travel and grown its user base to 1.5 million, representing 100% year-on-year growth, and now completes two million rides per month across 18 boroughs in the capital.
The funding round sees Forest’s e-bike manufacturer OKAI take a minority stake in the company. OKAI and other existing investors including B8 Venture Partners, Fen Ventures and Güil Mobility Ventures have contributed £17m in fresh equity on top of the £3m equity announced last year.
A further £10m in asset-backed finance is being made available by existing lender Fintex Capital, building on its earlier £10m facility, bringing the total available up to £20m.
“Our objective is that every Forest e-bike should generate more trips than any other shared bike on the street,” says Jose Eluchans, CFO of Forest and founding team member.
“That level of utilisation isn’t just a business metric – it’s how we justify our existence in a city with competing uses for public space. As a single-city operator, we’re able reinvest directly into our home city London, expanding access to cycling [and] supporting the shift to cleaner, smarter transport.”
The announcement follows a series of recent landmark tender wins – notably in Richmond, where Forest was appointed sole operator. This win means the company now operates the largest continuous operating area of any shared e-bike provider in London.
Forest is the only London operator to power all its e-bikes and service vehicles with zero emissions energy.
