Forest funding news – London-based Forest Secures €15.3 Million in Series B Round Funding

The funding also includes up to €11.8 million in Asset-Backed Finance from Fintex Capital. The round was led by Fintex’s CIO, Sophie Batoua, and funded by the company’s UK fund, Fintex Private Debt.

Agustin Guilisasti, Forest CEO and Founder, said: “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.”

It sees this investment as a vote of confidence in their zero-emission operations, which offer big benefits to London residents.

Since starting in London in 2020 with 10 minutes of free daily use, Forest has been changing the way people use transportation in cities. They’re now looking to expand to other major cities. In fact, Forest recently applied to bring its eco-friendly e-bike system to Paris, one of Europe’s fastest-growing bike markets.

With this new funding, it plans to make bike-sharing more accessible and help reduce car use by launching new bike models: ForestCargo, ForestDuo, and ForestKid. The company hopes these new bikes will help them achieve gender equality among riders by 2027.

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It says that running their business responsibly is key to their goal of building sustainable cities for everyone. They were the first to introduce virtual parking bays, even before it was required, and they encourage users to park responsibly. With the new funding, they’re improving parking rules and user behavior technology.

2024 was a big year for the company—revenues tripled, and they became fully profitable for the first time. Forest plans to keep growing fast, with plans to expand to more cities in 2025. They now complete over 1.2 million trips each month.

Fintex Capital’s CEO, Robert Stafler, stated: “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.”

About Forest

Forest was founded in 2020 by Agustin Guilisasti, Caroline Seton, and Michael John Stewart Ackermann. The company offers affordable and eco-friendly bike-sharing in London. It completes over 1.2 million rides every month, and all of its bikes and service vehicles run on renewable energy, making it a zero-emission operation.