Forest, a London-based shared bike operator, has secured €15.3 million in the first close of its Series B round in order to introduce three new e-bike types to its fleet and invest in sustainable and responsible growth.
This funding round also includes a facility of up to €11.8 million in Asset-Backed Finance from Fintex Capital. The investment was led by the firm’s CIO Sophie Batoua and funded by the firm’s flagship UK fund, Fintex Private Debt.
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.”
Founded in 2020 by Agustin Guilisasti, Caroline Seton, and Michael John Stewart Ackermann, Forest sees itself as London’s affordable and environmentally sustainable micromobility platform. The company completes more than 1.2 million rides per month. Its operations are ‘zero emission’, since every bike in its fleet, as well as all service vehicles, are certified to be powered only by renewable energy.
Forest sees this investment as an endorsement of their ‘zero-emission’ operations that deliver significant benefits to the residents of London.
Since entering London’s bike share market in 2020 with its offer of 10 minutes of free daily use, Forest has continued to redefine urban mobility as it seeks to bring its platform to other major cities. This further supported by the fact that Forest recently submitted its bid for the Paris tender with the aim of bringing its sustainable model of e-bike operations to one of Europe’s fastest growing bicycle markets – as per comments by Forest.
Backed by this new financing, Forest will contribute significantly to widening access to shared schemes and reducing car dependency by launching ForestCargo, ForestDuo and ForestKid. With these new vehicle types, the company is aiming to achieve gender parity among its riders by 2027.
According to Forest, maintaining responsible operations is core to their commitment to creating sustainable cities that work for everyone. Forest introduced virtual parking bays before they were mandated and incentivises responsible parking by its users. With the new funding, the company is making further advancements in these areas, with enhanced parking compliance and user behaviour technology.
2024 was a record year for the company as revenues tripled and a 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. Forest currently completes more than 1.2 million trips per month
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.”
Read the orginal article: https://www.eu-startups.com/2025/01/pedal-power-forest-lands-e15-3-million-to-expand-sustainable-e-bike-fleet/
