Micro-mobility platform HumanForest has closed a pre-Series A funding round of £2.3 million.
The company, which plans to launch its e-bike service in London next month, raised £1.3 million via a crowdfunding campaign late last year, bringing its total funding to £4.5 million.
HumanForest, which was founded by former Cabify executive Agustin Guilisasti and backed by Cabify’s founders, earns revenue by advertising to users before and after they use an e-bike.
This enables the company to offer free minutes to customers.
HumanForest says it operates with zero emissions and believes its e-bikes could avoid about four tonnes of CO2 a day by facilitating up to 7,000 rides.
The company will unveil partnerships with high-profile brands in the coming weeks.
Agustin Guilisasti, founder and CEO at HumanForest, says:
“We look forward to returning the show of faith from our investors with a successful launch and rapid customer acquisition. We are expecting to reach positive EBITDA after three months of truly green operations.
Global shared transport, including micro-mobility, will outgrow ride hailing by 2030 and the sector is expected to grow from $7.8 billion to $480 billion.”
Caroline Seton, co-founder and head of growth at HumanForest, adds that while data shows mixed-gender founder teams are less likely to receive funding generally, HumanForest's “diverse team, unique business model and innovative technology have been rewarded by investors.”