Forest has secured an additional £27 million in funding, bringing its total Series B fundraising to £40 million as the London-based micromobility operator accelerates its expansion across the capital. The new capital adds to a £13 million first close announced in early 2025 and arrives after the company posted a full year of profitability in 2024, with revenues tripling.
Funding Round Details
Of the £40 million raised, £17 million comes from fresh equity provided by new and existing investors, while Fintex Capital has contributed a further £10 million in asset-backed financing. The Fintex facility builds on an earlier £10 million arrangement, taking the total available from the lender to £20 million. Existing backers B8 Venture Partners, Fen Ventures and Güil Mobility Ventures all increased their participation in the round. Forest has now raised $56.6 million in total since its launch, including a £1.69 million equity crowdfunding round and a £2.44 million seed round in December 2020.
Growth and Market Position
The fresh funding follows a period of rapid growth for the company, which now serves 1.5 million users and records roughly two million rides each month across 18 London boroughs – a 100% year-on-year increase in its user base. London has become the world’s largest shared e-bike market, and Forest recently strengthened its position by being appointed sole operator in Richmond, securing the largest continuous operating zone of any shared e-bike provider in the capital. The company’s fleet had grown to more than 20,000 e-bikes by December 2024, up from 10,000 in 2023.
Forest will use the capital to expand its footprint across London, investing further in infrastructure such as parking bays – it has already installed 2,600 – and upgrading its technology platform with new app features, safety tools and compliance capabilities. The company also plans to introduce three new e-bike types: ForestCargo, ForestDuo and ForestKid.
Affordability remains central to the company’s strategy. Forest offers users up to 30 minutes of free cycling each day, with dynamic discounts of one to 30 free minutes per trip plus a £1 unlock fee, and users can earn up to three free minutes by watching video advertisements in the app. Since 2021, the company has provided 110 million free ride minutes. Its “Friends of the Forest” programme offers discounted rides for NHS workers, emergency service personnel, students, those aged over 60, and delivery drivers. Subscription plans are also available, including Forest Plus, which gives 1,800 minutes of riding per month for roughly £47.70 monthly or £37.10 annually via the Cycle to Work scheme.
The practical value of shared e-bikes in London’s transport network was underlined during recent Tube strikes, when Forest reported a 30% jump in rides.
Strategic Manufacturing Tie-up
One of the most significant developments in the latest round is the involvement of OKAI, Forest’s e-bike manufacturing partner, which has taken a minority stake in the business. OKAI contributed to the £17 million equity portion, cementing a relationship that gives Forest direct influence over bike design, engineering and fleet performance. As the micromobility market expands, growth depends not only on user demand but also on dependable access to vehicles, batteries and spare parts. By integrating more closely with its manufacturer, Forest aims to scale faster while avoiding supply bottlenecks.
The partnership also supports Forest’s sustainability commitments. The company operates all its bikes and service vehicles on renewable energy, making it the only e-bike operator in London to do so. It has secured renewed B Corp certification with a score of 99 – up from 98.5 when first certified in 2022 – and is the only micromobility provider globally to be validated by Verra. In 2025, Forest achieved a 53% reduction in its overall carbon footprint compared with the previous year, and riders have saved more than 2,160 tonnes of CO₂ to date. The company prioritises a circular economy model: 75% of bike parts are now repaired or refurbished, and Forest purchases second-hand, unused e-bikes to reduce resource consumption. It is also expanding its electric van fleet from 22 to 30 vehicles to support operations.
Forest was founded in 2019 by Agustin Guilisasti, formerly of Cabify, alongside Caroline Seton and Michael Stewart. The company rebranded from HumanForest to Forest in 2023. Jose Eluchans serves as chief financial officer and is a founding team member.
