UK-based bike-share operator, Forest, has secured £13 million in the first close of its Series B round, including a facility of up to £10 million in Asset-Backed Finance from Fintex Capital.
The investment enables the company to expand its operations, introduce three new e-bike types to its fleet and invest in research and development teams and technology to support sustainable and responsible growth.
This transaction is said to represent “another vote of confidence in Forest from a prominent institutional investor…. endorsing Forest as an innovative operator whose ‘zero-emission’ operations deliver significant benefits to the residents of London.”
In sharing the news, Agustin Guilisasti, Forest CEO and founder comments: “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.”
Since launching into London’s bike share market in 2020 with its offer of 10 minutes of free daily use, Forest has continued to play a key part in redefine urban mobility.
Backed by this new financing, Forest will contribute significantly to widening access to shared schemes, and reducing car dependency, by launching ForestCargo, ForestDuo and ForestKid. With these new vehicle types, the company is aiming to achieve gender parity among its riders by 2027.
Active travel, bike-share, and shared public spaces
Whilst sharing the news of the new funding Forest is also keen to emphasise that “Maintaining responsible operations is core to Forest’s commitment to creating sustainable cities that work for everyone”.
Forest introduced virtual parking bays long before they were mandated and incentivises responsible parking by its users. With the new funding, the company is making further advancements in these areas, with enhanced parking compliance and user behaviour technology.
Critically, the business is also seeking to bring its unique approach to other major cities.
Here Guilisasti notes the business is “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.”
European expansion
Forest recently submitted its bid for the Paris tender to bring its sustainable and responsible model of e-bike operations to one of Europe’s fastest-growing bicycle markets.
Forest already completes more than 1.2 million trips per month. 2024 was a record year for the company as revenues tripled and the first full year of profitability was delivered. The company’s growth is set to continue at pace with plans to expand to new cities in 2025.
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.”
