HumanForest, the parent company of Forest, has successfully raised £5m in a Series A extension, bringing the total round to £17m. This funding will support the company's expansion into Europe and accelerate the growth of its e-bike fleet. The investment comes from two venture capital firms and further funding from Triodos Bank UK. Forest aims to use the funds to further develop its advertising technology platform and parking compliance software.
In addition to the funding news, Lisa Gansky, an entrepreneur, keynote speaker, and best-selling author, has joined the board of HumanForest.
Forest has also announced three new Borough licenses in London. The company has quickly gained market share in the city since its launch two years ago and has won licenses in twelve London Boroughs. Forest is now preparing for its expansion into Europe next year, with agreements already secured in Kensington & Chelsea, Westminster, and Haringey.
The funding round includes investments from Güil Mobility Ventures, Fen Ventures, and multiple Cabify executives. Forest's unique advertising technology platform enables brands to connect with riders and make the service more affordable. The company's commitment to decarbonize transport and its charitable partnership with The Rivers Trust have contributed to its success. Forest offers its users an average of 50% more affordable rides compared to its competitors, leading to a strong commuter user base. With its continued growth and support from Triodos Bank UK and its new partners, Forest is poised to deliver sustainable mobility for urban communities globally.