London-based micromobility company Forest has raised an additional £27 million, bringing its total Series B funding to £40 million and following a £13 million first close in early 2025.
The Series B includes £17 million in fresh equity from new and existing investors, including B8 Venture Partners, Fen Ventures, and Güil Mobility Ventures, who also increased their participation in the round. Fintex Capital has provided a further £10 million in asset-backed financing.
Forest was founded in 2020 by Agustin Guilisasti, formerly of Cabify, alongside Caroline Seton and Michael Stewart. Since launch, the business has focused heavily on sustainability, operating bikes and service vehicles powered entirely by renewable energy.
The company offers 30 free minutes of cycling per day and has provided 110 million free ride minutes since 2021. Through the CycleSaver scheme, its bikes are accessible for under £1 a day.
The value was especially visible during recent Tube strikes, when Forest reported a 30% jump in rides. The increase showed how shared e-bikes are becoming a practical part of London’s wider transport network rather than simply a convenience option.
Its direct competitors include Santander Cycles, backed by TfL and operating a docked model across central London, and Lime, which has a global network. Unlike rivals, Forest is one of only two micromobility companies globally to hold B Corp accreditation and the only one to have received Verra validation.
The newly raised capital will be used to expand Forest’s footprint across London. The company has already installed 2,600 parking bays and plans further investment in infrastructure to improve parking behaviour, rider convenience and smoother street operations.
The company now serves 1.5 million users and records around two million rides each month across 18 boroughs.
