London-based micromobility provider Forest has announced that it will be introducing three new e-bikes after securing £13 million in fresh funding.
This is the first close of its Series B funding round and includes £3 million investment from B8 Venture Partners (“B8VP”) and up to £10 million in asset-backed finance from Fintex Capital.
With this investment, three new e-bike variants will join Forest’s fleet in 2025 – ForestCargo, ForestDuo and ForestKid.
Caroline Seton, Forest’s Co-Founder and CLO, told Zag Daily: “Our new models are designed to grow bike share by accommodating different types of trips – be it carrying a small suitcase or your grocery shopping, bringing a child to school or safely transporting a passenger. This underscores our commitment to reduce car dependency in cities and widen access to cycling; our goal is to achieve gender parity among our riders by 2027.”
Seton said that Forest plans to launch these models in London in late 2025.
The operator completed over 10 million trips in 2024 and recorded its first full year of profitability.
Now it is eyeing a European expansion to France after recently submitting a bid for the Paris tender – one of Europe’s fastest growing bicycle markets. The Paris contract will come into effect in the summer if Forest is successful.
For Fintex, the innovative investment firm specialising in private debt, this latest asset-backed financing follows a successful 2024 in which the company doubled its UK assets under management, while continuing to deliver double-digit net returns.
Fintex Capital’s CEO, Robert Stafler, commented: “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.”
