Transport Archives - �Ͼ�Ʒ��Cloud

Forest reveals £40m funding deal

Jonathan Symcox — Tue, 28 Apr 2026 14:58:23 +0000

London e-bike operator Forest has secured a further £27 million in funding, taking its total Series B round to £40m.

The investment comes at a time of significant growth for the business, which has cemented its position as a market leader in London’s shared e-bike sector – the largest in the world.

Forest, which entered London’s bike share market in 2020, has scaled its user base to 1.5m – representing 100% year-on-year growth – and now completes 2m rides per month across 18 boroughs in the capital.

The announcement follows a series of recent landmark tender wins – notably in Richmond where Forest was appointed sole operator – which means the company now operates the largest continuous operating area of any shared e-bike provider in London.

The company has invested in 2,600 parking bays and says the fresh funding will enable further investment in the city’s cycling infrastructure, as well as continued technology and app developments to drive ongoing improvements in parking compliance and safety features.

Forest is the only operator to power all its e-bikes and service vehicles with zero emissions energy. The company also offers users up to 30 free cycling minutes a day; in total, it says it has gifted 110m free cycling minutes to Londoners since 2021.

The funding round sees Forest’s e-bike manufacturer take a minority stake in the company. The strategic partnership with OKAI, a sector first, gives Forest direct input into the design and build of its fleet.

OKAI and several existing investors – B8 Venture Partners, Fen Ventures and Güil Mobility Ventures, among others – have contributed £17m in fresh equity, building on the £3m equity announced last year.

A further £10m in asset-backed finance is being made available by existing lender Fintex Capital, building on its earlier £10m facility and bringing the total available up to £20m.

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“This has been a period of exceptional growth for Forest,” said Jose Eluchans, CFO of Forest and a member of the founding team.

“We’ve built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations.

“This latest investment reflects our shareholders’ confidence in our ability to scale responsibly while delivering real value to London. Our objective is that every Forest e-bike should generate more trips than any other shared bike on the street. That level of utilisation isn’t just a business metric – it’s how we justify our existence in a city with competing uses for public space.

“As a single-city operator, we’re able reinvest directly into our home city London – expanding access to cycling, supporting the shift to cleaner, smarter transport.”

Jiangtao Lu, CEO of OKAI, said: “We’re delighted to invest in Forest and become more than a supplier: we’re collaborators, investors and co-creators. We have been impressed with Forest’s rigorous approach to maintenance, servicing and the management of their e-bike fleet.

“Forest’s input into the bike design and manufacturing process, based upon what they’re seeing on the ground in London, will help set new standards for e-bike quality and performance, as well as the rider experience.”

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Huboo, saved in £9 deal, buys Sorted for £1

Jonathan Symcox — Tue, 28 Apr 2026 08:18:42 +0000

A Manchester delivery tech firm which once raised almost $100 million in investment has been sold for £1 – and the acquirer has endured trials and tribulations of its own.

Sorted Group Holdings has joined Bristol-headquartered Huboo, which itself raised more than $150m funding but was saved from administration just before Christmas 2024 in a £9 deal.

The news comes just two years after Location Sciences completed its reverse takeover of Sorted in a £66.73 deal and it was admitted to the AIM market of the London Stock Exchange.

Sorted was launched as MyParcelDelivery (MPD Group) in 2010 by David Grimes but ran into financial difficulties after raising nearly $100m in investment.

In January 2024, �Ͼ�Ʒ��Cloud reported how Location Sciences had agreed to buy Sorted for £66.73, as well as take on the global software firm’s debts of £4m plus interest and invest £3m of capital.

At its height in 2021, Sorted closed a $40m Series C investment round led by Chrysalis Investments and Arete Capital Partners.

The investment came less than nine months after Sorted raised another $15m to fund future growth.

In January 2021, Sorted saw 243% year-on-year growth as it was named by the FT as one of the fastest-growing companies in Europe.

However, the company’s growth had not kept pace with its forecasts and it never turned a profit.

On June 28, 2023, Location Sciences announced that it had entered into exclusive non-binding heads of terms regarding a potential acquisition and the deal completed on 30th January, 2024.

Huboo, meanwhile, was set up in 2017 by Martin Bysh and Paul Dodd and offered third-party logistics services – effectively storing online retailers’ stock and fulfilling orders for them.

Operating from micro-warehouses across Europe, it sponsored football club Bristol City as well as Bristol Bears rugby and other sports teams in the city.

By May 2024 it had 700+ employees, operations in five countries, £50m in annual recurring revenue and had raised more than $150m in funding.

Bysh was replaced as CEO by former Carphone Warehouse operations head Andrew Pinnington when it raised its last round of funding in mid-2024 – and by 23rd December 2024 it was insolvent after failing to make payroll for its 600 employees.

A pre-pack administration deal backed by BlackRock, Ada Ventures and Atalla Capital saved it from collapse and secured those jobs, but reports suggest the new owners did not take over any of Huboo’s outstanding debts or credit obligations.

The £9 deal saw Goodwill and Intellectual Property bought for £1 each; shares in Holdco NL for a quid; and Stock, IT Equipment, Customer Contracts and �Ͼ�Ʒ�� Records also each sold for £1.

Huboo came under fire from former customers who accused it of losing their stock.

Following the £1 deal for Sorted, the combined group will process over 100m parcels annually and serve more than 400 brands and retailers – representing circa £1 billion in gross merchandise value.

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The combined Huboo Group will operate from established sites in Bristol, Manchester, Eindhoven and Madrid, which Huboo said marks “a significant and proud entry into the dynamic North West market and strengthening Huboo’s ability to deliver truly national coverage across the UK, complementing its established presence in the South West and South East”.

Sorted’s Manchester office will continue operations.

The business said it plans to continue expanding its presence across the US, Asia and the Middle East as it scales globally.

Jo Kennedy, current managing director of, Huboo, said: “Bringing Sorted into the Huboo Group allows us to connect fulfilment, shipping and returns into a single intelligent platform. Together, we can help eCommerce brands – from fast-growth disruptors to established retailers – operate more efficiently, deliver better customer experiences, and scale with greater confidence.”

Paul Hill, product director at Sorted, added: “Becoming part of the same group as Huboo gives our technology, people and customers a stronger long-term platform. There is a clear fit between Huboo’s fulfilment capability and Sorted’s delivery technology, and we are excited by what the two businesses can build together over time.”

Mahmoud Atalla, executive chairman of Brislington Holdco, parent company of Huboo and Sorted, said: “Sorted represents a natural next step in Huboo’s transformation as a leading European eCommerce fulfilment and supply chain platform. By bringing together two highly complementary businesses, we are building a more powerful proposition for customers across the full spectrum – from emerging brands to large-scale retailers – while continuing to support Sorted’s broad ecosystem of logistics and retail partners.

“This transaction is supported by continued investor backing, with over £200m invested in the Group since inception, including more than £30m since the beginning of last year. This enables the acceleration of Huboo’s growth, with further investment planned as we scale.

“Our ambition is to build the core operating platform and underlying systems underpinning European commerce.”

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Duffel hits $900m run rate and launches cars vertical

Jonathan Symcox — Mon, 27 Apr 2026 07:51:32 +0000

Duffel, a TravelTech platform, is capping off a year of record growth with the launch of Duffel Cars – the latest major vertical to join its suite of API travel services.

The firm reached a record $900 million total transaction value run rate last year, with 85% of its volume coming from the US.

The platform is now trusted by global names such as newly-minted unicorn Bilt, which uses Duffel to turn rent payments into travel rewards; and spend-management platform Rippling, which uses Duffel to give its companies real-time control over corporate travel spend.

Other partners include software giants, credit card firms and AI platforms.

Duffel already offers its growing partner base a number of key travel services – Duffel Flights and Duffel Stays – as well as a 24/7 end-to-end support layer via an API.

Duffel Flights now connects to 500+ airline giants (including American Airlines, British Airways, Lufthansa, Emirates, Ryanair and United), while Duffel Stays has grown 10,000% in the past 12 months and now provides access to 1.6m properties worldwide.

With Duffel Cars, brands can additionally embed car rentals from 40 global providers, including Avis, Sixt, Enterprise, Hertz and Europcar, directly into their booking flow via the same API.

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This gives travellers at 40,000+ locations in 200 countries a way to arrange ground transport while allowing Duffel partners to tap into the growing car rental market – set to be worth $244 billion by 2030 – without the need for multiple contracts and legacy systems.

“We’re seeing more demand than ever from businesses that want to turn travel into a real growth driver, and that’s been reflected in our own momentum over the past 12 months,” said Steve Domin, co-founder and CEO.

“Our focus has always been to build a travel-tech platform that actually works at scale. Flights and Stays proved this model, Cars expands it, and our momentum is a testament to what can be achieved when we focus on bringing the benefits of travel to the wider market.

“Together, this means our partners can launch, grow and support travel as part of their product, while we handle the complexity behind the scenes.”

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Uber rival Lyft expands in London with Gett swoop

Jonathan Symcox — Fri, 24 Apr 2026 07:30:01 +0000

Uber rival Lyft has agreed to acquire the UK business of Gett as it expands into London.

Gett is an app which features three-quarters of London’s black cabs and has built B2B relationships with clients ranging from London’s largest corporations to historic venues and major public sector organisations.

The deal is expected to close in the coming weeks and will nearly double the number of rides on the Lyft platform in London, Europe’s largest taxi and ride-hail market.

It complements its comprehensive suite of ground transport options, which include private hire vehicles, bikes and executive chauffeur rides.

Lyft already owns Freenow; currently provides and was recently renewed to provide the bikes and stations for Santander Cycles, including the software that powers them; and later this year will be testing autonomous rides in London with Baidu – making it one of the only platforms in the world offering both human-driven and autonomous rides in the city.

The Gett team will transfer to Freenow by Lyft once the acquisition is complete.

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“Those who drive black cabs are some of the world’s most qualified drivers. Drivers pass the world’s toughest taxi exam, learning 25,000 streets and 20,000 landmarks before being licensed,” said Thomas Zimmermann, CEO of Freenow by Lyft.

“We are excited to welcome Gett into the Lyft ecosystem, strengthening our customer-centric black cab and private hire service for Londoners, passengers across the UK, and travellers worldwide.”

Matteo de Renzi, CEO of Gett, added: “We are delighted to start a new chapter for Gett operations in the UK with Lyft.

“I’m confident that under this new ownership, the team at Gett by Lyft will continue to reach new heights, for the benefit of all our customers, drivers, and partners.”

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Aurrigo triples footprint with HQ move

Jonathan Symcox — Wed, 22 Apr 2026 07:00:40 +0000

Aurrigo International plc is to triple the size of its headquarters with a move to Power Park in Coventry.

The self-driving technology leader, which recently announced a £6 million contract with Ultra Global for 25 autonomous guided vehicles, said it would install a test track at the 130,615 square feet site.

It will serve as its UK hub for advanced engineering, autonomous vehicle development, high-volume manufacturing and ongoing automotive activities.

The London-listed business, which floated on London’s junior AIM market in 2022 and raised investment last year, specialises in autonomous vehicles designed to improve efficiency in airports.

The firm’s board said it views the establishment of the hub as a key step in building a scalable platform to support long-term growth.

The facility also complements the company’s recently announced international hub and licensing programme, which is designed to accelerate global commercialisation through local partnerships, funding and manufacturing support across Europe, the Middle East, South East Asia and the United States.

Once fully operational, and subject to customer demand, the facility is projected to be capable of manufacturing up to 500 autonomous vehicles per annum.

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“This new UK Hub Facility marks an important milestone for our business and our unwavering commitment to the UK,” said Prof. David Keene MBE, CEO of Aurrigo International.

“It significantly enhances our manufacturing and engineering capability, provides the capacity to scale in line with demand, and underpins our ambition to build a sustainable, capital-efficient platform for long-term growth.

“Importantly, it also gives Aurrigo space for an on-site autonomous vehicle test track, supporting in-house validation, customer demonstrations, and accelerated development cycles.

“We are really pleased to have secured a new home in Coventry, just a few miles from our existing facility and, importantly, a place where we can create jobs for highly skilled people and the next generations of engineers and software specialists.”

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AMD, Arm & Qualcomm extend Wayve’s Series D beyond $1.2bn

Jonathan Symcox — Wed, 15 Apr 2026 14:22:18 +0000

Wayve, a UK-based leader in AI for autonomous driving, has extended its Series D round with a $60 million investment from leading tech companies.

In February the firm announced it has raised $1.2 billion in Series D investment, with a potential further $300m from investor Uber to support the development of Wayve-powered ‘robotaxis’ on the Uber network.

Now Advanced Micro Devices (AMD), Arm and Qualcomm Ventures have joined the investment round with the combined $60m injection.

The London-based firm’s valuation is now almost $9bn as it shifts from AI research leadership to scaled commercial deployment of its end-to-end AI platform.

The previously announced Series D round was led by Eclipse, Balderton and SoftBank Vision Fund 2, and brought in new investment from Ontario Teachers’ Pension Plan, Baillie Gifford, British �Ͼ�Ʒ�� Bank, Icehouse Ventures, Schroders Capital and other global institutional investors.

Microsoft, NVIDIA and Uber participated in the round, alongside global automotive manufacturers Mercedes-Benz, Nissan and Stellantis.

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Wayve pioneered the application of end-to-end AI to autonomous driving in 2017 and has since industrialised its safety-by-design architecture into a production-ready autonomy platform.

From 2026, consumers will experience Wayve-powered robotaxis through commercial trials with Uber.

From 2027, they will be able to buy passenger vehicles equipped with Wayve’s AI Driver, starting with L2+ ‘hands-off’ capability that allows the vehicle to steer, navigate and respond to traffic under driver supervision.

Wayve licenses its AI Driver directly to automakers, providing tools to customize driving models for specific vehicles and brands.

The system runs entirely on onboard vehicle compute and embedded sensors, and doesn’t rely on high-definition maps or location-specific engineering.

Alex Kendall, co-founder and CEO of Wayve

By partnering with automakers and mobility platforms rather than vertically integrating, Wayve enables autonomy to scale globally with lower capital intensity.

Uber committed additional capital of $300m to support multi-year deployments of Wayve-powered robotaxis on the Uber network, with plans to scale to more than 10 markets globally.

The companies plan to launch their first service in London in 2026, with broader international rollout to follow.

Alex Kendall, co-founder and CEO of Wayve, said: “For embodied AI to scale, automakers need design choice and supply chain flexibility.

“We’re building an AI Driver that works across the full automotive compute ecosystem, from architectures already used in millions of vehicles today to the platforms powering the next generation of automated vehicles.

“Expanding our relationships with leading silicon companies helps bring that into production at a global scale, and we’re delighted to have these partners actively working with us on integration and deployment.”

Salil Raje, Senior Vice President and General Manager, Adaptive and Embedded Computing Group at AMD, said: “AI is moving into real-world systems, and that changes compute demands. It stops being about models and becomes about physical AI systems that have to sense, decide, and act reliably and in real-time. We see Wayve’s approach as an important step in bringing technologies like AI Driver into production at scale.”

Spencer Collins, Executive Vice President and Head of Corporate Development, Arm, said: “AI is ushering in a new era of increasingly intelligent and autonomous vehicles that require high-performance, power-efficient compute platforms to scale across a diverse and evolving ecosystem. The Arm compute platform is foundational to the AI-defined vehicle transformation, and our investment in Wayve further demonstrates our commitment to enabling advanced AI in vehicles and accelerating broad deployment.”

Quinn Li, Senior Vice President, Qualcomm Technologies, Inc., and Global Head of Qualcomm Ventures, said: “AI is becoming central to the driving experience and bringing it into vehicles requires close alignment between software and automotive platforms. Our collaboration with Wayve reflects a shared commitment to helping automakers bring AI Driver into production at scale, supporting diverse vehicle programs and long-term roadmaps on platforms like Snapdragon Ride.”

The investment builds on NVIDIA’s participation in Wayve’s £850m Series C funding round alongside SoftBank and Microsoft.

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‘Global leader’ Oxa to drive forward with £77m funding

Jonathan Symcox — Wed, 04 Mar 2026 07:04:33 +0000

Oxa, a global leader in autonomous vehicle technology, has raised £77 million in Series D funding including backing from the National Wealth Fund.

The Oxford-based company said the National Wealth Fund, a policy bank owned by HM Treasury but operated independently, contributed £37.5m to the round.

It also received backing from NVentures – NVIDIA’s venture capital arm – and additional capital from existing shareholders IP Group, Hostplus and bp Ventures.

The investment will enable Oxa to intensify its focus on commercialising solutions for industrial mobility automation (IMA), which involves the automation of repetitive industrial driving tasks.

Oxa is developing physical AI and robotics technology, including its configurable and explainable self-driving software, Oxa Driver, and development toolchain, Oxa Foundry.

Solutions include the towing and carrying of goods in locations like ports, airports or manufacturing facilities, and asset and perimeter monitoring in environments such as solar farms or industrial plants.

The firm said it will enable expansion with Oxa’s customers such as DHL, Vantec and bp – demonstrating product-market fit across diverse industries and use cases.

The NWF has £27.8 billion of core capitalisation to deploy in pursuit of three goals: supporting the Government’s growth and clean energy missions; crowding in significant private capital over time; and generating a return for the taxpayer.

Minister for Industry, Chris McDonald, said: “Oxa is a great example of UK excellence in digital technologies that are transforming the global automotive sector, and this investment will boost productivity and improve freight efficiency at home and abroad.

“With advanced manufacturing and digital technologies being central to our Modern Industrial Strategy, we’re supporting firms like Oxa to strengthen the UK’s position as a global leader in connected and automated mobility.”

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Paul Newman, Oxa’s founder and CTO, said: “These investments validate our intensified focus on industrial mobility automation, where the path to commercial deployment at scale is clearest and most immediate.

“The capital will supercharge the development of our technology, enabling our industrial customers to benefit from significant productivity gains, lower operational costs and increased workplace safety, sooner.

“We are proud to be developing world-leading technology here in the UK, fundamentally changing the way industry moves and cementing our position as the category leader for IMA globally.”

Oliver Holbourn, National Wealth Fund CEO, said: “The National Wealth Fund’s investment will give Oxa the support it needs to accelerate the scale and deployment of its ground-breaking technology, unlocking the potential in connected and autonomous mobility.

“This could provide a significant boost to growth and productivity in the UK, creating an industry worth billions of pounds, generating thousands of well-paid jobs and providing significant productivity benefits across many sectors.”

A second and final Series D close is expected in H1 2026.

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Trainline CEO to step down after doubling ticket sales

Jonathan Symcox — Wed, 25 Feb 2026 08:31:23 +0000

The CEO of Trainline plc is to step down after more than six years at the company.

Under the leadership of Jody Ford, who succeeded Clare Gilmartin as CEO in 2021, Trainline doubled net ticket sales and saw growth in new markets in France, Spain and Italy.

The listed independent rail and coach platform said Ford will continue to lead the company as CEO through the transition to new leadership. The board has commenced a formal search process for his successor.

Formerly COO, Ford had previously held the role of CEO at Photobox Group, encompassing the Moonpig and Photobox brands, and led global growth at eBay.

“Under Jody’s leadership the group has undergone a period of exceptional growth. We have created Europe’s #1 rail app serving 27 million customers, doubling net ticket sales in the UK and International consumer businesses, more than doubling profits and growing new markets in France, Spain and Italy,” said chair Brian McBride.

“On behalf of the board, I would like to thank Jody for his outstanding contribution and leadership during this important period in the company’s development. Jody has built a world-class leadership team, who will continue to execute against our strategic priorities during this transition period and beyond.”

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Ford said: “I’d like to thank Brian and the board for the unique opportunity to lead Trainline and to grow a British tech success into one winning on the international stage.

“As Trainline enters its next multi-year phase of growth, I have agreed with Brian this would be the right time to handover to new leadership.

“I will work closely with the board and my outstanding team over the coming months to ensure a smooth transition and position Trainline strongly for its next chapter.”

Trainline has also reconfirmed its previously-upgraded market guidance for FY2026.

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How businesses can save money without sacrificing growth (From subscriptions to fuel cards)

Jonathan Symcox — Wed, 25 Feb 2026 01:07:22 +0000

Running a successful business comes with lots of challenges. You have to constantly think about revenue and profits, while also planning for future growth and long-term stability. Balancing day-to-day costs with big-picture goals isn’t easy, which is why smart cost management plays such a crucial role in building a sustainable, profitable business.

Managing your money can really help with your finances. By keeping a close eye on spending, you can make changes which positively affect your end-of-the-month numbers. So many businesses are often focused on progress and development that they sometimes forget about looking internally to save some money – saving money shouldn’t be seen as a bad thing or as cost-cutting. For example, reviewing your monthly business subscriptions may save you money, as over the years, a lot of employees tend to sign up for things. If you run a fleet of cars, having a may also help.

To point you in the right direction, we have put together a brief guide on how businesses can save money without sacrificing growth.

Regularly review business subscriptions

It’s far too easy to sign up for a subscription nowadays. As a business, you may think £10 a month isn’t much, but if you have a large workforce and they all start signing up for different software, this can quickly add up and become wasted money if they aren’t using them anymore. By reviewing your subscriptions on a regular basis, you can identify unused or underused tools, cancel anything that no longer adds value, and consolidate platforms where possible. This simple habit can lead to noticeable savings over time without affecting productivity.

Negotiate with suppliers

It is a really good practice to negotiate with suppliers. Many businesses forget that prices are often negotiable. Long-term supplier relationships, bulk orders, or early payment agreements can lead to better rates. Even a small percentage discount can mean substantial savings over time. If you know you are spending a lot with a supplier, why not get in touch and see if you can come to an agreement on a slightly reduced rate? This way, you may order more, so they benefit, but you will also benefit from a reduced price. It’s a win-win for both of you.

Use technology

Technology is constantly improving, with new pieces of tech being released all the time. A lot of this tech may be beneficial to your business and help you save money by doing things faster or more accurately. For example, if you currently track your finances manually, financial software will really help. If you need to keep track of projects, a CRM system may also be beneficial. While there may be an initial investment, technology often pays for itself over time by reducing errors, cutting labour costs, and allowing your team to focus on higher-value work rather than repetitive tasks.

What changes are you going to make in the coming months to help your business save some money? Are there any changes we haven’t mentioned that you think our readers would benefit from? Which of the above suggestions do you think will make the biggest difference? Let us know in the comment box below. We look forward to hearing from you.

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Pinewood share price nosedives as £575m takeover falls through

Jonathan Symcox — Mon, 16 Feb 2026 14:17:26 +0000

Shares in Pinewood Technologies Group PLC have dropped 33% today after a £575 million private equity takeover fell through on Friday.

US-based Apax Partners said it would not progress with a prospective offer of 500 pence per share for the Birmingham-headquartered tech provider to car dealerships.

Apax blamed ‘prevailing challenging market conditions’ as software valuations fall around the world against a backdrop of advancing AI tools which more easily allow companies to develop their own tools.

FTSE 250 firm Pinewood.AI, it is known, was formed out of the breakup of dealer group Pendragon. It is led by Florida-based Bill Berman (pictured).

Its share price leapt last month on news of the potential takeover. Following today’s fall, it is down 17% in the year-to-date.

“The board of Pinewood.AI remains very confident in the positive long-term prospects for the group,” Pinewood stated. “The company occupies a leading position as a mission-critical, full-service, embedded technology provider to automotive retailers and OEMs, benefiting from high recurring revenues and long-standing OEM partnerships.

“This platform positions Pinewood.AI to remain at the forefront of technology innovation and provide best in class technology and secure solutions across its existing and future customers.”

The acquisition of Seez in February 2025 strengthened Pinewood’s AI and customer engagement capabilities. It also signed a new contract with US car dealership group Lithia – its largest shareholder – which is expected to generate approximately $60m of annual revenue by the end of 2028.

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“The board believes the company is well-positioned to continue executing its strategy and to achieve its medium‑term FY28 guidance of underlying EBITDA of £58-62m,” insisted Pinewood.

“Delivering against these objectives will generate significant value for shareholders.”

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