London-based micromobility startup Forest, has expanded its Series B round, bringing total funding to £40 million. The latest £27 million raise follows an initial £13 million close earlier in 2025.
Of the newly secured capital, £17 million came from equity investments, with both new and existing investors including B8 Venture Partners, Fen Ventures, and Güil Mobility Ventures increasing their participation. In addition, Fintex Capital provided £10 million in asset-backed financing.
Founded in 2020 by Agustin Guilisasti together with Caroline Seton and Michael Stewart, Forest operates with a strong focus on sustainability. The company powers all of its bikes and service vehicles with renewable energy and aims to minimize its environmental impact.
A key element of Forest’s model is its daily 30 minutes of free riding. Since 2021, the company has delivered more than 110 million free ride minutes. Through its CycleSaver program, users can access the service for less than £1 per day.
The role of the company within London’s transport system became more visible during recent Tube strikes, when usage increased by 30 percent. This rise indicates that shared e-bikes are becoming an integral part of urban mobility rather than a secondary option.
Forest competes with established players such as Santander Cycles and global operator Lime. It is also among the limited number of micromobility companies globally to achieve B Corp certification and the only one to receive validation from Verra.
The newly raised funds will support the company’s expansion across London. Forest has already installed 2,600 parking bays and plans further infrastructure investments to improve parking behavior, enhance user experience, and optimize street-level operations.
The company currently operates across 18 boroughs, serves around 1.5 million users, and records approximately 2 million rides per month.