HumanForest, the London-based e-bike company which is touted as one of the most affordable and environmentally responsible bikes in the city has raised £12 million in a Series A funding round.
The funding, which brings the company’s total raised funds to £17 million includes a £5 million project finance facility from sustainable finance specialist Triodos Bank UK and £7 million equity investment from global family offices, Cabify co-founder(Vicente Pascual), the founder of TheVentureCity (Laura González-Estéfani) and existing investors.
Announces 5 new boroughs
The Series A funding will help HumanForest double the size of its London fleet to meet the growing demand for its services. As per the company blog, they have quickly grown market share in London since its launch 18 months ago, growing on average 50% MoM, reaching 300,000 users, completing 2m trips, and winning licences in nine London Boroughs.
Moreover, HumanForest will soon launch in Kensington & Chelsea, Lambeth, Merton, and Southwark, and renewed its license to operate in the City of London last month.
Further, the UK-based company will use the new equity investment to develop its advertising technology platform and new User App.
The company’s ad tech platform enables businesses to advertise with a purpose by providing HumanForest users with ten minutes of free cycling per day, promoting the modal shift required to decarbonise transport.
Agustin Guilisasti, CEO & Founder at HumanForest, said: “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. Deeply aligned with our commitment to a more sustainable future, Triodos Bank is a natural partner for us and an important part of our expansion into Europe.”
Eco-friendly e-bike operation
Founded by Agustin Guilisasti, HumanForest is the only micro-mobility operator in London that has zero-emission operations and is an accredited B-Corp.
Amandine Tetot, Head of Project Finance at Triodos Bank UK, said: “As a bank that is looking to finance systemic transformation, we have clear ambitions to expand our portfolio into pioneering projects and financing structures to support decarbonisation solutions. 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. It’s exciting to be able to support HumanForest to reach more people across London and beyond.”
Laura González-Estéfani, Founder of TheVentureCity, said: “When I met the Founders of HumanForest, Cabify Alumni, I thought – Wow Chilean talent for the world! I have seen the founding team building the company in the pastrai year with austerity, resilience, and fully focused on data, never focused on the crazy context. No challenge is big enough for this team – they are building something very very special; they truly are trailblazers in this space.”
Vicente Pascual, Co-founder of Cabify and Board Director and Investor at HumanForest, said: “It has been a pleasure working side by side with Agustin for over a decade. Through its advertising tech platform and broad customer appeal, HumanForest is a second-generation micro-mobility company on the cusp of profitable growth.”
Martin Vial, Investment Analyst at LarrainVial Asset Management, said: “The passion and commitment of the founding team are infectious and has created an incredible culture which we back to succeed in this exciting and innovative industry. We are proud to be on the journey with HumanForest as they consolidate their position in London and expand into new markets.”