HumanForest, an e-bike provider, has raised £1.3 million via a crowdfunding campaign.
The campaign was launched via Crowdcube in early November, with the aim of raising £1 million.
London, U.K.-based HumanForest aims to offer a sustainable e-bike service in cities starting with London in the Spring, followed by expansion across Europe.
The company was launched earlier this year by Agustin Guilisasti who was formerly a senior executive at Cabify.
The latest funding comes on top of a £1.8 million investment announced in September with Cabify founders included in the round.
HumanForest ran a trial of its service in the summer with 200 e-bikes and plans to use the latest funds to expand the fleet to 1,500 e-bikes.
The startup has three different revenue models including users paying per minute, after an initial daily free 10 minutes and, corporate subscriptions.
It also earns money from its digital marketing platform whereby partner companies pay to advertise their brand.
Whole Foods and Rude Health were among initial partners with more to be announced in the coming months.
Caroline Seton, head of growth, says:
“Investors recognise that HumanForest is poised for strong future growth both in terms of revenue and user uptake. Our trial was a positive indicator that HumanForest is onto something great - 10k users joined our community.”
The startup says 30% of investors from the crowdfunding campaign were users during the trial period.
Other e-bike and micro-mobility services have seen growth and attracted investment during the pandemics with Germany-based DANCE announcing a €15 million Series A in October.