eBike operator HumanForest raises £12 million to boost presence in London

There’s news of further investment in the eBike sector with eBike operator HumanForest raising a weighty £12 million to expand its eBike services in London.

Doubling its London fleet is the plan, with expansion into Kensington & Chelsea, Lambeth, Merton and Southwark. HumanForest renewed its licence to operate in the City of London last month. The firm said it has doubled its user base in less than a year, growing 50% in each month during its first year of operations.

£5 million of the cash is via a project finance facility from Triodos Bank UK, a sustainable bank that promotes responsible and transparent banking. HumanForest boasts zero emission operations and is an accredited B-Corp.

£7 million equity investment (from global family offices, Cabify executives, the founder of TheVentureCity and existing investors) will be invested directly into technology, developing HumanForest’s User App and advertising platform – that last aspect a key part of the bike hire scheme, using ads for customers. Companies use their ad spend to provide 10 minutes free cycling daily to HumanForest users.

It’s a sizeable funding pot compared with previous amounts.

Arguably, it’s a telling sign that eBike schemes and brands are managing to secure significant funding pots from willing investors in the current uncertain economic climate (like Cowboy’s €1.57 million last week).

Here’s a round of quotes from the relevant players from the press release:

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.”

Laura González-Estéfani, Founder of TheVentureCity, said: “When I met the Founders of HumanForest, Cabify Alumni, I thought – wow Chilean talent for the world! I have seen the founding team build the company over the past year with austerity, resilience and fully focused on data, never focused on the crazy context. No challenge is big enough for this team – they are building something very very special; they truly are trailblazers in this space.”

Vicente Pascual, Co-founder of Cabify and Board Director and Investor at HumanForest, said: “It has been a pleasure working side by side with Agustin for over 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.”

Martin Vial, Investment Analyst at LarrainVial Asset Management, said: “The passion and commitment of the founding team is infectious and has created an incredible culture which we back to succeed in this transformative industry. We are proud to be on the journey with HumanForest as they consolidate their position in London and expand into new markets.”

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.”