HumanForest raises £12 million to expand zero-emission e-bike fleet in London

Posted: 2 May 2023 | | No comments yet

In addition to doubling its zero-emission e-bike fleet in London, HumanForest’s £12 million Series A funding will also support the company’s investment in advertising technology.

HumanForest raises £12 million to expand zero-emission e-bike fleet in London

Credit: HumanForest

HumanForest has announced that it has raised £12 million in a Series A funding round, bringing its total funds raised to £17 million. 

The Series A includes a £5 million project finance facility from Triodos Bank UK, which will enable HumanForest to double the size of its e-bike fleet to meet growing demand for its services, and £7 million equity investment from global family offices, Cabify executives, the founder of TheVentureCity and existing investors.

The company has quickly grown market share in London since its launch 18 months ago, reaching 300,000 new users, completing almost 2 million trips and winning licences in nine Boroughs. HumanForest will launch in Kensington & Chelsea, Lambeth, Merton and Southwark shortly and renewed its licence to operate in the City of London last month.

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Furthermore, the new equity funding will be invested in technology, further developing the company’s advertising technology platform and user app. The operator’s ad tech platform allows companies to use their ad spend to provide 10 minutes of free cycling daily to HumanForest users, supporting the modal shift needed to decarbonise transport.

Vicente Pascual, Co-founder of Cabify and Board Director and Investor at HumanForest, said: “It has been a pleasure working side by side with Agustin for over a decade. Through its advertising tech platform and broad customer appeal, HumanForest is a second generation micro-mobility company on the cusp of profitable growth.”

Agustin Guilisasti, CEO and Founder of HumanForest, said: “Sustainable micro-mobility is a force for good in cities but to bring meaningful change it must be affordable and accessible. This funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital efficient approach to growth.”