London-based shared e-bike firm HumanForest is planning to double the size of its fleet and expand into five new boroughs after securing £12 million in funding.
The investment includes a £5 million finance facility from Triodos Bank UK, a sustainable finance specialist, and £7 million of equity investment from a range of investors including the founder of TheVentureCity and the co-founder of shared mobility firm Cabify.
The £5 million finance will be used by HumanForest to double the size of its rental e-bike fleet, which currently runs in nine London boroughs. After launching in the UK capital in 2021, the firm now has around 300,000 users who have completed almost two million trips.
HumanForest will soon expand into a number of new boroughs: Kensington and Chelsea, Lambeth, Merton and Southwark. It has also renewed its licence to operate in the City of London.
The equity investment will be used to further develop HumanForest’s technology, particularly its user app in advertising technology. The firm offers all riders ten minutes of free riding a day, which is funded by advertisers.
HumanForest co-founder Agustin Guilisasti said that “Sustainable micro-mobility is a force for good in cities but to bring meaningful change it must be affordable and accessible. This funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital efficient approach to growth.”
Amandine Tetor, the project finance chief at Triodos Bank UK, added: “HumanForest is a fantastic example of a company that is innovating shared modes of transport to tackle urban pollution while increasing access to affordable transport – thereby contributing to more liveable cities.”