London-based micromobility operator Forest has raised an additional €31 million (£27 million) to expand its shared e-bike operations, bringing its total Series B funding to €46 million (£40 million).
The round combines €19 million in new equity investment with €11 million in asset-backed financing, supporting both fleet expansion and continued investment in infrastructure and product development.
Scaling a City-First Mobility Model
Founded in 2020 by Agustin Guilisasti alongside co-founders Caroline Seton and Michael Stewart, Forest operates a zero-emission e-bike platform focused on urban transport in London.
The company currently facilitates nearly 2 million rides per month across 18 boroughs and has grown its user base to 1.5 million riders, reporting 100% year-over-year growth.
Forest’s model is built around long-term urban integration rather than fragmented deployments, positioning it as one of the largest continuous shared e-bike operators in Europe.
Infrastructure-Led Expansion
A significant portion of the new funding will go toward expanding cycling infrastructure, including parking bays, which already exceed 2,600 locations across the city.
The company also plans to further develop its app, improve parking compliance systems, and enhance safety features as usage scales.
Strong Investor Backing and Strategic Alignment
The round includes participation from existing investors such as B8 Venture Partners, Fen Ventures, and Güil Mobility Ventures, alongside e-bike manufacturer OKAI, which has also taken a minority stake in the company.
The involvement of OKAI deepens the vertical integration between manufacturing and operations, allowing Forest to influence bike design based on real-world usage data from London streets.
Growth Driven by Real-World Demand
Forest has seen significant spikes in usage during periods of transport disruption, including a 30% surge in rides during recent London Tube strikes — underscoring the role of micromobility as a resilience layer in urban transport systems.
The company has also distributed over 110 million free cycling minutes since 2021 as part of its user growth strategy.
Building a Transport Utility for Cities
Forest is increasingly positioning itself not just as a mobility operator, but as urban transport infrastructure — embedded into city planning and supported by public-private alignment.
As demand for affordable, low-emission transport continues to grow, the company is betting on sustained expansion driven by both behavioral shift and infrastructure integration.
