HumanForest, London’s most affordable and environmentally responsible e-bike company, has raised £12m in a Series A funding round, bringing its total funds raised to £17m. The funding includes a £5m project finance facility from sustainable finance specialist Triodos Bank UK, as well as investment from venture capital firms and existing investors.
The Triodos Bank-backed funding will enable HumanForest to double the size of its London fleet to meet growing demand for its services. The company has quickly grown market share in London since its launch 18 months ago, growing on average 50% MoM, reaching 300,000 users, completing two million trips and winning licences in nine London Boroughs. HumanForest will launch in Kensington & Chelsea, Lambeth, Merton and Southwark shortly and renewed its licence to operate in the City of London last month.
HumanForest operates an electric bike rental service across nine London boroughs. To make rides affordable and accessible, HumanForest’s advertising technology platform provides the company with additional revenue which enables users to receive 10 minutes free cycling every day. Founded by Agustin Guilisasti and Ignacio Gutierrez both ex-Cabify alongside Caroline Seton and Michael Stewart, HumanForest is a second generation micro-mobility company pioneering sustainable and affordable solutions for cities.
The new equity will be invested in technology, further developing the company’s advertising technology platform and new User App. The operator’s unique ad tech platform allows companies to advertise with purpose by providing HumanForest users with 10 minutes free cycling per day, driving the modal shift needed to decarbonise transport. HumanForest is the only micro-mobility operator in London that has zero emission operations and is an accredited B-Corp.
Agustin Guilisasti, CEO & Founder of 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.”
Amandine Tetot, Head of Project Finance at Triodos Bank UK, added: “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.”