HumanForest, an e-bike operator, has raised £12m in a Series A funding round, which it plans to use to finance the expansion of its London fleet and further develop its technology and app.
Specifically, £5m has been awarded by Triodos Bank UK, which HumanForest says will enable it to double the size of its London fleet.
Some £7m equity will also be invested in technology and further developing HumanForest’s advertising platform and its new app.
Agustin Guilisasti, CEO & Founder at HumanForest, said: “Sustainable micro-mobility is a force for good in cities but to bring meaningful change it must be affordable and accessible.
“This funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital efficient approach to growth. Deeply 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.”
HumanForest will shortly be launching in Kensington & Chelsea, Lambeth, Merton and Southwark shortly and renewed its licence to operate in the City of London last month.
Amandine Tetot, head of project finance at Triodos Bank UK, said: “As a bank that is looking to finance systemic transformation, we have clear ambitions to expand our portfolio into pioneering projects and financing structures to support decarbonisation solutions.
“HumanForest is a fantastic example of a company that is innovating shared modes of transport to tackle urban pollution while increasing access to affordable transport – thereby contributing to more liveable cities. It’s exciting to be able to support HumanForest to reach more people across London and beyond.”
TheVentureCity’s founder and CEO and Cabify’s co-founder both participated in the round, along with global family offices including LarrainVial and Santa Cecilia.