Northern Gritstone led the £2m investment to help the Sheffield spinout scale its plant-based plastics business.
"Everyday oil-based plastics are contributing to the global environmental crisis. Our vision is to offer brands an alternative product and through this transform the global plastics market. We are delighted to partner with Northern Gritstone. Their support, experience and investment will enable us to develop our team and deliver our commercial strategy."
The company secured the capital from Güil Mobility Ventures, Fen Ventures, and Triodos Bank UK to accelerate fleet growth and technology development.
"Since our initial finance arrangement earlier this year, it’s impressive to see Forest go from strength to strength as it rolls out its fleet to more London boroughs. It’s just the kind of forward-thinking company that we want to partner with, as we all work towards net-zero solutions for cities. We are proud that Forest took the opportunity of rolling out new e-bikes to drive awareness of UK waterways and generate funds in support of The Rivers Trust."
British Design Fund backed the London robotics startup as it prepares to deploy monitoring hardware in international markets.
"We believe the ocean is central to solving the climate and nature emergency. Not only can seaweed capture up to 20x more carbon than terrestrial trees but when farmed responsibly it can also provide a sustainable food source and aid biodiversity, while empowering coastal economies."