HumanForest has raised £12 million in a Series A fundraising round that will allow the micromobility company to double the size of its London e-bike fleet.
The new funds include a £5m project finance facility with sustainable finance specialist Triodos Bank UK and a £7m equity investment.
HumanForest will soon launch operations in four new London boroughs in addition to the nine it already operates in. This will include Kensington & Chelsea, Lambeth, Merton and Southwark.
“We anticipate the London fleet expansion to be complete during this summer and our European launch to take place in 2024,” HumanForest CEO and Founder Agustin Guilisasti told Zag Daily.
The expansion to Europe represents the next stage in HumanForest’s fleet growth and is not a part of the £5m funding.
The £7 million in equity sum investments has come from global family offices, Cabify executives, the founder of TheVentureCity and existing investors.
HumanForest will use these resources to further develop the company’s advertising platform and recently launched user app.
The operator’s ad tech platform allows companies to use their ad spend to provide 10 minutes of free cycling daily to HumanForest users.
This investment round brings HumanForest’s total funds raised to £17m.
Vicente Pascual, Co-Founder of Cabify and Board Director and Investor at HumanForest, said: “Through its advertising tech platform and broad customer appeal, HumanForest is a second-generation micromobility company on the cusp of profitable growth.”
“This Series A round is a great milestone for HumanForest and a testament to our unique technology and best-in-class sustainability credentials,” added Guilisasti.
HumanForest has quickly grown its market share in London since its launch 18 months ago. During this time, the company has reached 300,000 new users and completed almost two million trips.