Forest raises £27m to expand London e-bikes, install parking bays and chargers
This article covers Forest, a London-based mobility startup, which has raised £27m in a Series B extension to scale its shared e-bike operations across the city and invest in cycling infrastructure, technology and its app. The funding aims to expand Forest’s London service, support micromobility infrastructure and improve access to low-emission transport for Londoners.
Forest, a London-based mobility startup, has raised £27 million in a growth funding round — a Series B extension — to scale its shared e-bike operations across the city and invest in cycling infrastructure, technology and its app.
Why it matters
Forest operates one of London’s largest shared e-bike services, a segment of urban transport where demand for affordable, low-emission options is growing. The operator says it has 1.5 million users and completes about two million rides per month across 18 boroughs, runs the largest continuous service area of any shared e-bike provider in London, and has been appointed sole operator in Richmond. Those figures position Forest as a significant player in how Londoners move short distances without a car.
The new capital will fund expansion of operations within London and further investment in the networks — parking bays, vehicle charging and digital tools — that support micromobility services.
Inside the product
Forest’s service combines docked parking bays with app-led access and a usage policy that offers up to 30 free cycling minutes per user per day; the company says it has provided 110 million free minutes since 2021. It also highlights operational sustainability: its fleet and service vehicles are powered by renewable energy. Forest has installed around 2,600 parking bays to manage street space and improve reliability, and says utilisation is a core metric — each bike is intended to generate more trips than competing shared bikes in the same streets.
Planned product investments from the funding include further app development, maintenance systems and infrastructure that support higher utilisation and availability across its single-city focus on London.
Who are the investors?
The Series B extension brings together a mix of strategic and financial backers. OKAI, a manufacturer of electric micro-mobility vehicles, participated alongside existing venture investors B8 Venture Partners, Fen Ventures and Güil Mobility Ventures. Fintex Capital provided asset-backed finance.
Financially, the package includes £17 million of fresh equity from OKAI and existing investors plus £10 million in asset-backed finance from Fintex Capital. Forest says the arrangement increases the total asset-backed facility to £20 million. The announcement follows an earlier £13 million Series B in January 2025, which included a Fintex Capital asset-backed facility of up to £10 million and £3 million from B8 Venture Partners.
The round is positioned as both growth capital and a way to secure supply and maintenance advantages: the partnership with OKAI gives Forest input into design and manufacturing of its e-bike fleet, intended to improve bike quality, lifespan and parts supply as demand increases.
In the announcement, Robert Stafler, CEO of Fintex Capital, said:
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.
In the announcement, Jiangtao Lu, CEO of OKAI, said:
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.
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Founder perspective
The company frames the deal as validation of its capital-efficient, sustainability-led approach to growing a single-city service and reinvesting in London’s transport network.
In the announcement, Jose Eluchans, CFO at Forest, said:
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. 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.
The bigger picture
Shared e-bikes are part of a broader shift in urban mobility towards smaller, lower-carbon vehicles and integrated transport options. Forest’s growth — and the use of a mix of equity and asset-backed finance to support fleet and infrastructure — reflects a maturing financing toolkit for micromobility in the UK, where investors are increasingly underwriting physical assets as well as software and services.
In the announcement, Blair McDougall, Minister for Small Business and Economic Transformation, said:
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.
Forest’s emphasis on a single-city model and direct reinvestment into London highlights one route for startups in the sector to balance growth with local partnerships and street-level constraints. The deal also underlines continued investor interest in mobility businesses that combine hardware, operations and local infrastructure as urban authorities seek alternatives to private car travel.
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