London-based electric bike operator HumanForest has announced a £12 million Series A funding round, bringing its total funds raised to £17 million. New funds include a £5 million project finance facility from sustainable finance specialist Triodos Bank UK, which will allow HumanForest to double the size of its London e-bike fleet.
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TheVentureCity’s founder and CEO Laura González-Estéfani and Cabify co-founder Vicente Pascual participated in the £7 million equity funding, along with private wealth management firms established by ultra-high net worth families. HumanForest plans to invest the equity component into its user app and advertising technology platform. The micro-mobility operator said its ad tech platform generates revenue that provides riders with 10 minutes of free cycling every day.
“This funding round has accelerated our expansion, bringing affordable and sustainable mobility to even more Londoners, whilst enhancing our capital-efficient approach to growth,” said Agustin Guilisasti, CEO and founder at HumanForest. “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 said it has quickly grown market share since its launch 18 months ago, reaching 300,000 new users, completing almost 2 million trips and acquiring licenses in nine boroughs.
Amandine Tetot, head of project finance at Triodos Bank UK, called the startup “a fantastic example of a company that is innovating shared modes of transport to tackle urban pollution while increasing access to affordable transport.”
“It’s exciting to be able to support HumanForest to reach more people across London and beyond,” Tetot said.
Pascual of Cabify - who is board director and an investor at HumanForest - said he has worked with Guilisasti for more than a decade.
“Through its advertising tech platform and broad customer appeal, HumanForest is a second-generation micro-mobility company on the cusp of profitable growth,” Pascual said.
Digital matching platform SDG Investments advised the company and arranged and placed the asset-based transaction.
HumanForest closed a pre-Series A funding round in 2021.
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