Forest Raises €31M for London E-Bike Expansion

London's own electric bicycle service, Forest, has significantly bolstered its operational capacity by securing an additional €31 million. This capital infusion propels the company's total Series B funding to €46 million, earmarked for enhancing its shared e-bike network across the capital, advancing its technological infrastructure, and refining its user-facing applications and parking solutions.

The latest funding tranche includes €19 million in new equity from a consortium of investors, notably OKAI, alongside returning backers B8 Venture Partners, Fen Ventures, and Güil Mobility Ventures. This equity injection builds upon a prior €3.4 million investment announced last year. Complementing this, Fintex Capital, an existing lender, has committed an additional €11 million in asset-backed finance, expanding its total facility to €23 million. This follows the company's initial Series B close of €15.3 million in January 2025.

Jose Eluchans, CFO and a founding team member at Forest, highlighted the company's strategic approach, stating, “This period marks substantial growth for Forest. We've established one of Europe's premier e-bike platforms through a steadfast commitment to capital efficiency and sustainable operations.” He further emphasized the confidence shown by shareholders, noting, “This investment underscores our capacity for responsible scaling and delivering tangible benefits to London. Our aim is for every Forest e-bike to achieve higher utilization than any other shared bike in the city, justifying our presence amidst competing urban demands.”

The micromobility sector continues to attract significant investment, with 2026 witnessing several notable financings. In the UK, GIN e-bikes secured €215,000 in debt to expand its fleet, while Wayve raised a substantial €1 billion for its autonomous driving technology. Across Europe, companies like Germany's Nox Mobility (€2 million pre-Seed), HeyCharge (€2.5 million grant), and TWAICE (€24 million EIB financing) are advancing electrification and battery analytics. France's Decade Energy raised €22 million for depot electrification, and Belgium's Magnax secured €35.5 million for electric motor technology, collectively demonstrating robust activity in the broader mobility and electrification ecosystem.

Forest, founded in 2020 by Agustin Guilisasti, Caroline Seton, and Michael Stewart, operates a zero-emission model, utilizing renewable energy for its entire fleet and service vehicles. The company facilitates nearly two million rides monthly across 18 London boroughs, having grown its user base to an estimated 1.5 million. Forest also offers users up to 30 minutes of free cycling daily, totaling over 110 million free minutes gifted since 2021.

Recent tender wins, including sole operator status in Richmond, have solidified Forest's position as the operator with the largest continuous service area for shared e-bikes in London. This expansion is crucial as cities worldwide grapple with providing sustainable, efficient urban transport solutions. The company's focus on operational efficiency and user value is key to navigating the competitive and rapidly evolving micromobility market.