London e-bike operator Forest has secured a further 拢27 million in funding, taking its total Series B round to 拢40m.
The investment comes at a time of significant growth for the business, which has cemented its position as a market leader in London鈥檚 shared e-bike sector – the largest in the world.聽
Forest, which entered London鈥檚 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.聽
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.聽
The company has invested in 2,600 parking bays and says the fresh funding will enable further investment in the city鈥檚 cycling infrastructure, as well as continued technology and app developments to drive ongoing improvements in parking compliance and safety features.聽
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.聽
The funding round sees Forest鈥檚 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.聽
OKAI and several existing investors – B8 Venture Partners, Fen Ventures and G眉il Mobility Ventures, among others – have contributed 拢17m in fresh equity, building on the 拢3m equity announced last year.聽
A further 拢10m in asset-backed finance is being made available by existing lender Fintex Capital, building on its earlier 拢10m facility and bringing the total available up to 拢20m.聽
鈥淭his has been a period of exceptional growth for Forest,鈥� said Jose Eluchans, CFO of Forest and a member of the founding team.聽
鈥淲e鈥檝e built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations.聽
鈥淭his latest investment reflects our shareholders鈥� 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鈥檛 just a business metric – it鈥檚 how we justify our existence in a city with competing uses for public space.聽
鈥淎s a single-city operator, we鈥檙e able reinvest directly into our home city London – expanding access to cycling, supporting the shift to cleaner, smarter transport.鈥�
Jiangtao Lu, CEO of OKAI, said: 鈥淲e鈥檙e delighted to invest in Forest and become more than a supplier: we鈥檙e collaborators, investors and co-creators. We have been impressed with Forest鈥檚 rigorous approach to maintenance, servicing and the management of their e-bike fleet.
“Forest鈥檚 input into the bike design and manufacturing process, based upon what they鈥檙e seeing on the ground in London, will help set new standards for e-bike quality and performance, as well as the rider experience.鈥�