Forest secures £13 million in new funding

• New funds include an up to £10 million Asset-backed Financing from Fintex Capital. This supports Forest in significantly increasing its fleet
• The £3 million investment from B8 Venture Partners (“B8VP”) and existing investors finances investment in research and development teams and technology that supports sustainable and responsible growth 
• Forest introduces three new e-bike types, widening access to its scheme by expanding the types of trips that can be completed using its service 
• Forest completed over 10 million trips in 2024 and recorded its first full year of profitability 

London, 22 January 2025. Forest, Europe’s most innovative shared bike operator, that last year submitted a tender to operate e-bikes in Paris, has secured £13 million in the first close of its Series B round, including a facility of up to £10 million in Asset-Backed Finance from Fintex Capital. The investment enables the company to expand its operations, introduce three new e-bike types to its fleet and invest in research and development teams and technology to support sustainable and responsible growth.

This transaction represents another vote of confidence in Forest from a prominent institutional investor. It endorses Forest as an innovative operator whose ‘zero-emission’ operations deliver significant benefits to the residents of London and who seeks to bring its unique approach to other major cities. Since disrupting London’s bike share market in 2020 with its offer of 10 minutes of free daily use, Forest has continued to redefine urban mobility. 

Backed by this new financing, Forest will contribute significantly to widening access to shared schemes and reducing car dependency by launching ForestCargo, ForestDuo and ForestKid. With these new vehicle types, the company is aiming to achieve gender parity among its riders by 2027. 

Maintaining responsible operations is core to Forest’s commitment to creating sustainable cities that work for everyone. Forest introduced virtual parking bays long before they were mandated and incentivises responsible parking by its users. With the new funding, the company is making further advancements in these areas, with enhanced parking compliance and user behaviour technology. 

Forest recently submitted its bid for the Paris tender with the aim of bringing its sustainable and responsible model of e-bike operations to one of Europe’s fastest growing bicycle markets. 

Forest already completes more than 1.2 million trips per month. 2024 was a record year for the company as revenues tripled and a first full year of profitability was delivered. The company’s growth is set to continue at pace with plans to expand to new cities in 2025.

For Fintex, the innovative investment firm specialising in Private Debt, this latest Asset-backed Financing follows a highly successful 2024 in which Fintex doubled its UK Assets under Management, while continuing to deliver double-digit net returns. The investment was led by the firm’s CIO Sophie Batoua and funded by the firm’s flagship UK fund, Fintex Private Debt. 

Agustin Guilisasti, Forest CEO and Founder, said: “The Fintex investment allows us to accelerate our growth, while ensuring rider safety and maintaining responsible operations. We are also excited to widen access to our scheme and diversify our fleet by introducing three new e-bike types. We remain committed to long-term partnerships with cities and public transport providers to realise our vision of affordable, sustainable mobility for all, and with this financing, we are making excellent progress towards that goal.”

Jose Eluchans, member of the founding team and Forest CFO, said: "This first close of our Series B marks a significant milestone for Forest. We have a proven track record of profitability and are looking forward to accelerating our growth in 2025, seizing the opportunity to expand bike sharing as demand continues to increase."

Fintex Capital’s CEO, Robert Stafler, stated: “We are thrilled to support Forest, London’s affordable and eco-friendly micromobility platform, with this asset-backed lending facility. Today, more than ever, cities need smart, safe and easy-to-use bike schemes. We are delighted to partner with a company whose operations are proven to be efficient, sustainable and responsible, and we look forward to seeing Forest solidify its strong position in London whilst also unlocking new cities. For Fintex, this transaction launches 2025 off the back of a record-breaking 2024, during which we completed larger transactions than ever before, while continuing to deliver exceptional returns.” 

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About Forest (www.forest.me) Forest is London’s affordable and environmentally sustainable micromobility platform. Forest was founded by Agustin Guilisasti (ex-Cabify) alongside co-founders Caroline Seton and Michael Stewart. The Company already completes more than 1.2 million rides per month. Its operations are ‘zero emission’, since every bike in its fleet, as well as all service vehicles, are certified to be powered only by renewable energy. Forest is one of the world’s first micro-mobility companies to have B Corp accreditation and the only micro-mobility company to have achieved Verra validation. 

‍About Fintex Capital (www.fintexcap.com) Fintex Capital is an innovative investment firm specialising in private debt. Since its inception, the firm has provided £400 million in private capital to borrowers across Specialty Finance, Real Estate Debt and Asset Backed Finance. Fintex is best known for providing senior and mezzanine debt financing to lending businesses in the UK and Continental Europe. It also provides direct lending to asset-backed businesses and asset owners. The firm manages discretionary investment funds, as well as segregated managed accounts for various institutions. Fintex Capital has received numerous prestigious awards, including the the Alternative Credit Investor Award for “Performance of the Year 2024” (among fund managers below £1 billion).

‍Media enquiries
‍For further information, please contact:

‍
Alex Berwin 
Forest
‍Alex.Berwin@humanforest.co.uk 
‍
Adam Marks
Fintex Capital 
‍Adam.Marks@fintexcap.com