Forest, one of Europe’s largest shared bike operators, has landed £13 million in the first close of its Series B funding. This includes a facility of up to £10 million in Asset-Backed Finance from Fintex Capital.
This investment follows similar funding rounds such as Cowboy and Skarper.
New vehicle types in the pipeline
The investment enables the company to expand its operations, introduce three new e-bike types to its fleet, and invest in research and development teams and technology to support sustainable and responsible growth. Forest will also leverage the funding to contribute to widening access to shared schemes and reducing car dependency by launching ForestCargo, ForestDuo, and ForestKid. With these new vehicle types, the company aims to achieve gender parity among its riders by 2027.
Affordable yet sustainable micro-mobility platform
Forest was founded by Agustin Guilisasti (ex-Cabify) alongside co-founders Caroline Seton and Michael Stewart in London in 2020. It wants to transform urban environments by getting people out of cars and onto bikes. Its unique business model allows the company to be the most affordable option for Londoners to get around sustainably. Its bikes and service vehicles are powered by renewable energy.
Some notable features of these bikes include a mobile phone holder, continuous LED headlight, front-wheel lock, long-range swappable battery, GPS tracking, a continuous LED taillight, and a centre mount dual kickstand.
Forest introduced virtual parking bays long before they were mandated and incentivises responsible parking by its users. Also, it recently submitted its bid for the Paris tender to bring its sustainable and responsible model of e-bike operations to one of Europe’s fastest-growing bicycle markets.
Already, the company has completed more than 1.2 million trips per month. 2024 was a record year for the company as revenues tripled and the first full year of profitability was delivered. The company’s growth is set to continue at pace with plans to expand to new cities in 2025.
2024 was a record year for the company as revenues tripled and the first full year of profitability was delivered. The company’s growth is set to continue at pace with plans to expand to new cities in 2025.
Agustin Guilisasti, Forest CEO and Founder, said: “The Fintex investment allows us to accelerate our growth, while ensuring rider safety and maintaining responsible operations. We are also excited to widen access to our scheme and diversify our fleet by introducing three new e-bike types. We remain committed to long-term partnerships with cities and public transport providers to realise our vision of affordable, sustainable mobility for all, and with this financing, we are making excellent progress towards that goal.”
Fintex Capital’s CEO, Robert Stafler, stated: “We are thrilled to support Forest, London’s affordable and eco-friendly micromobility platform, with this asset-backed lending facility. Today, more than ever, cities need smart, safe and easy-to-use bike schemes. We are delighted to partner with a company whose operations are proven to be efficient, sustainable and responsible, and we look forward to seeing Forest solidify its strong position in London whilst also unlocking new cities. For Fintex, this transaction launches 2025 off the back of a record-breaking 2024, during which we completed larger transactions than ever before, while continuing to deliver exceptional returns.”
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