HumanForest Raises $15 Million in Series A Funding Round

HumanForest, London’s most affordable and environmentally responsible eBike operator, has announced a $15 million (£12 million) Series A raise to consolidate its position in London.

• New funds include a £5m project finance facility from Triodos Bank UK which will allow HumanForest to double the size of its London eBike fleet.
• The £7m equity component will be invested in technology, further developing HumanForest’s advertising platform and recently launched User App.
• TheVentureCity’s Founder and CEO, Laura González-Estéfani, and Cabify co-founder, Vicente Pascual participated in the equity round, along with global family offices including LarrainVial and Santa Cecilia. 
• HumanForest announces five new Borough licences. 
• HumanForest has doubled its user base in less than a year, growing 50% month-on-month during its first year of operations. 

London, 28 April 2023: HumanForest, London’s most affordable and environmentally responsible eBike company, has raised £12m in a Series A funding round, bringing its total funds raised to £17m. 

The Series A includes a £5m project finance facility from sustainable finance specialist Triodos Bank UK and £7m equity investment from global family offices, Cabify executives, the founder of TheVentureCity and existing investors.

The Triodos Bank-backed funding will enable HumanForest to double the size of its London fleet to meet growing demand for its services. The company has quickly grown market share in London since its launch 18 months ago, growing on average 50% MoM, reaching 300,000 users, completing 2m trips and winning licences in nine London Boroughs. HumanForest will launch in Kensington & Chelsea, Lambeth, Merton and Southwark shortly and renewed its licence to operate in the City of London last month. 

The new equity will be invested in technology, further developing the company’s advertising technology platform and new User App. The operator’s unique ad tech platform allows companies to advertise with purpose by providing HumanForest users with 10 minutes free cycling per day, driving the modal shift needed to decarbonise transport. HumanForest is the only micro-mobility operator in London that has zero emission operations and is an accredited B-Corp. 

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 building the company in 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 exciting and innovative 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.” 

HumanForest was advised by SDG INVESTMENTS GmbH, who arranged and placed the asset based transaction. SDG INVESTMENTS is a digital matching platform for sustainable financing aligned with the UN’s Sustainable Development Goals, with extensive experience in financing micro-mobility operators.