HumanForest has raised 拢12 million Series A funding which will see it double its fleet of electric bikes in London and expand into Europe.
The TransportTech 50 firm, based in the UK capital, has been backed by a 拢5m facility from sustainable finance specialist Triodos Bank UK.
TheVentureCity鈥檚 founder and CEO Laura Gonz谩lez-Est茅fani and Cabify co-founder Vicente Pascual participated in the 拢7m equity funding alongside private wealth management firms.聽
It also plans to invest into its user app and advertising technology platform., which it says provides riders with 10 minutes of free cycling every day.
鈥淭his funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital-efficient approach to growth,鈥� said Agustin Guilisasti, CEO and founder.聽
鈥淒eeply aligned with our commitment to a more sustainable future, Triodos Bank is a natural partner for us and an important part of our expansion into Europe.鈥�
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In 18 months HumanForest has amassed 300,000 users, completed almost 2 million trips and acquired licences in nine London boroughs.
Pascual, a board director at HumanForest, has worked with Guilisasti for more than a decade.
鈥淭hrough its advertising tech platform and broad customer appeal, HumanForest is a second-generation micro-mobility company on the cusp of profitable growth,鈥� Pascual said.