Forest, London’s homegrown e-bike operator, has secured a further €31 million (£27 million) in funding, raising its total Series B round to €46 million (£40 million) in order to expand its operations, invest further in cycling infrastructure, and continue developing its technology, app, parking compliance and safety features.
This funding round sees OKAI and several existing investors – B8 Venture Partners, Fen Ventures and Güil Mobility Ventures, among others – contribute €19 million (£17 million) in fresh equity, building on the €3.4 million (£3 million) equity announced last year. A further €11 million (£10 million) in asset-backed finance is being made available by existing lender Fintex Capital, building on its earlier €11 million (£10 million) facility and bringing the total available up to €23 million (£20 million).
This follows their January 2025 Series B first close of €15.3 million – as covered by EU-Startups.
Jose Eluchans, CFO of Forest and Founding-team member, says: “This has been a period of exceptional growth for Forest. We’ve built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations.
“This latest investment reflects our shareholders’ confidence in our ability to scale responsibly while delivering real value to London. Our objective is that every Forest e-bike should generate more trips than any other shared bike on the street. 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.”
*]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] R6Vx5W_threadScrollVars scroll-mb-[calc(var(–scroll-root-safe-area-inset-bottom,0px)+var(–thread-response-height))] scroll-mt-[calc(var(–header-height)+min(200px,max(70px,20svh)))]” dir=”auto” data-turn-id=”request-WEB:4634c4b9-155a-43f0-a807-4fc1d966478a-2″ data-testid=”conversation-turn-4″ data-scroll-anchor=”false” data-turn=”assistant”>2026 saw several financings across micromobility, mobility infrastructure and electrification-adjacent companies that are of comparable relevance to Forest and the ecosystem they operate in.
- UK: London-based GIN e-bikes raised €215k in debt funding to purchase 160 new electric bicycles and expand its PLUTO e-bike subscription service, making it the closest peer to Forest by both sector and geography; and Wayve raised a €1 billion Series D to advance its AI-driven autonomous driving platform, making it the largest comparable mobility-sector financing.
- Germany: Berlin-based Nox Mobility raised €2 million in pre-Seed funding to grow its team, build a full-scale mock-up and prepare initial night-train routes planned for 2027; HeyCharge received a €2.5 million EIC grant to scale offline EV charging across Europe; and Munich-based TWAICE secured €24 million in EIB financing to scale predictive battery analytics for battery storage and electric vehicle applications.
- Elsewhere: Paris-based Decade Energy secured €22 million to scale depot electrification infrastructure across France, broaden its product offering and enter new international markets; and Kortrijk-based Magnax raised €35.5 million to industrialise axial-flux electric motor technology for applications including e-mobility, industrial drives and aerospace propulsion.
Excluding Wayve’s substantially larger autonomy round, the total is over €117 million, which gives a more representative view of funding activity among smaller urban mobility, EV infrastructure and electrification-adjacent companies.
“As a single-city operator, we’re able reinvest directly into our home city London – expanding access to cycling, supporting the shift to cleaner, smarter transport,” adds Jose.
Founded in 2020, Forest is an environmentally sustainable micromobility platform. Forest was founded by Agustin Guilisasti (ex-Cabify) alongside co-founders Caroline Seton and Michael Stewart. The Company facilitates almost two million rides per month.
Its operations are ‘zero emission’, since every bike in its fleet, as well as all service vehicles, are powered only by renewable energy.
Seizing upon the global boom in demand for affordable and sustainable travel, the business has reportedly grown its user base to 1.5 million, representing 100% YOY growth and now completes two million rides per month across 18 boroughs in the capital.
The company also offers users up to 30 free cycling minutes a day; in total, it has gifted 110 million free cycling minutes to Londoners since 2021.
Today’s announcement follows a series of recent landmark tender wins – notably in Richmond where Forest was appointed sole operator – which means the company now operates the largest continuous operating area of any shared e-bike provider in London.
Robert Stafler, CEO of Fintex Capital, says: “Forest continues to grow and deliver. We’re delighted to extend our support by expanding our asset-backed facility to £20 million. Demand for Forest bikes keeps growing and we’re pleased to back the operator with the largest continuous service area across London.”
The new funding round supports the continued expansion of Forest’s operations as it scales across London. The company has invested in 2,600 parking bays and this 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.
The company says that last week’s Tube strikes saw a major spike in demand for Forest’s service with rides up 30%, highlighting the importance of alternative modes of transportation across the capital.
With the micromobility market a core part of Londoners’ travel plans, Forest’s sees their growth to continue rising.
Blair McDougall MP, Minister for Small Business and Economic Transformation, says: “Forest is a great example of the kind of ambitious, innovative, and high growth business we want more of in the UK, bringing in investment, creating jobs, and boosting the economy. Which is why, as part of our Industrial Strategy and Plan for Small and Medium-sized businesses, we are channeling support to businesses like this, providing access to finance, help adopting new tech and upskilling opportunities.”
The funding round also sees Forest’s e-bike manufacturer, OKAI, take a minority stake in the Company. This partnership gives Forest direct input into the design and build of its fleet – improving both the quality and lifespan of its bikes to deliver a reliable and sustainable service for cities and users.
Mr Jiangtao Lu, CEO of OKAI, adds: “We’re delighted to invest in Forest and become more than a supplier: we’re collaborators, investors and co-creators. We have been impressed with Forest’s rigorous approach to maintenance, servicing and the management of their e-bike fleet.
“Forest’s input into the bike design and manufacturing process, based upon what they’re seeing on the ground in London, will help set new standards for e-bike quality and performance, as well as the rider experience.”
Read the orginal article: https://www.eu-startups.com/2026/04/british-e-bike-operator-forest-secures-further-e31-million-to-expand-shared-e-bike-operations-in-london/
