Forest secures £13m Series B funding to expand its shared e-bike fleet and operations
Fintex Capital provided an asset-backed facility of up to £10m as part of the first close.
Forest operates a sustainable micromobility service offering shared e-bikes across London.
Forest, a shared bike operator in London, has secured £13m in the first close of its Series B funding round. The financing includes an asset-backed lending facility of up to £10m provided by Fintex Capital.
The company will use the capital to expand operations, increase its research and development investments, and introduce three new vehicle types, namely ForestCargo, ForestDuo, and ForestKid. These additions aim to support sustainable growth and achieve gender parity among riders by 2027.
The latest investment follows a record year in 2024, during which Forest tripled its revenues and achieved its first full year of profitability, completing over 1.2m trips per month.
From the founder
"The Fintex investment allows us to accelerate our growth, while ensuring rider safety and maintaining responsible operations. We are also excited to widen access to our scheme and diversify our fleet by introducing three new e-bike types. We remain committed to long-term partnerships with cities and public transport providers to realise our vision of affordable, sustainable mobility for all, and with this financing, we are making excellent progress towards that goal."
Agustin Guilisasti
Founder at Forest
Investor perspective
"We are thrilled to support Forest, London’s affordable and eco-friendly micromobility platform, with this asset-backed lending facility. Today, more than ever, cities need smart, safe and easy-to-use bike schemes. We are delighted to partner with a company whose operations are proven to be efficient, sustainable and responsible, and we look forward to seeing Forest solidify its strong position in London whilst also unlocking new cities. For Fintex, this transaction launches 2025 off the back of a record-breaking 2024, during which we completed larger transactions than ever before, while continuing to deliver exceptional returns."
Robert Stafler
CEO, Fintex
Use of funds
- 01Scale operations
- 02Fund research and development
- 03Expand into international markets