Forest shifts up a gear with £40M funding boost

E-bike operator Forest has secured a further £27 million in funding, taking its Series B round to £40 million. The funding round comes at a time of significant growth for the business, which has cemented its position as a market leader in London’s shared e-bike sector.

The new funding will support Forest’s continued expansion of operations as it scales across London. The company has invested in 2,600 parking bays and this funding will enable further investment in the city’s cycling infrastructure, as well as continued technology and app developments to drive ongoing improvements in parking compliance and safety features. Forest has been at the forefront of urban mobility, the company powers all its e-bikes and service vehicles with zero emissions energy, and offers users up to 30 free cycling minutes a day, having gifted 110 million free cycling minutes to Londoners since 2021.

Forest has rapidly scaled to become one of the most recognisable mobility brands in the UK and Europe. It has grown its user base to 1.5 million, representing 100% year-on-year growth, and now completes two million rides per month across 18 London boroughs. Forest now operates the largest continuous operating area of any shared e-bike provider in London.

The funding round sees Forest’s e-bike manufacturer, OKAI taking a minority stake in the company. The strategic partnership allows Forest direct input into the design and build of its fleet, improving the quality and lifespan of its bikes to deliver a reliable and sustainable service for cities and users. This ensures Forest will continue to have access to a secure supply of bikes and parts, allowing it to meet ever growing user demand, and support continued geographic expansion. Jose Eluchans, CFO of Forest and Founding-team member, explained: “Our objective is that every Forest e-bike should generate more trips than any other shared bike on the street. That level of utilisation isn’t just a business metric – it’s how we justify our existence in a city with competing uses for public space.”

This funding round sees OKAI and several existing investors, including B8 Venture Partners, Fen Ventures, and Güil Mobility Ventures, contribute £17 million in fresh equity, building on the £3 million equity announced last year. A further £10 million in asset-backed finance is being made available by existing lender Fintex Capital, building on its earlier £10 million facility and bringing the total available up to £20 million.

Eluchans continued: “As a single-city operator, we’re able reinvest directly into our home city London – expanding access to cycling, supporting the shift to cleaner, smarter transport.

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“We’ve built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations.”