London-based Micromobility Startup Forest Secures £40m Series B Funding
London micromobility startup Forest has raised £40m in a Series B funding round, marking a significant step in its expansion across the UK capital. The company, which launched in 2020, has rapidly grown to reach 1.5 million users and log millions of rides per month, making London the world’s largest shared e-bike market.
Details of the Funding Round
The company initially announced a £13m Series B round last year but has since secured an additional £27m, bringing the total round to £40m. The funding includes a minority stake from OKAI, Forest’s hardware supplier. The fresh capital will be used to expand operations, invest in infrastructure such as parking bays, and improve its app and safety features.
Company Background
Forest, founded in 2020 and based in London, operates in 18 boroughs and has recently won a sole-operator contract in Richmond. The company powers its fleet with zero-emissions energy and offers users up to 30 minutes of free rides daily.
Market Context
This funding round underscores investor appetite for shared e-bike services, reflecting a growing trend towards sustainable urban transportation. The investment will allow Forest to enhance its user experience and further establish itself as a leader in the micromobility sector.
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Source: Sifted