London e-bike firm triples valuation ahead of September launch

A London micro-mobility firm has tripled its valuation to an eight-figure sum ahead of its launch in London later this year.

HumanForest, a start-up which had a ‘successful’ pilot last year, has raised £2.3m at the close of its pre-series A funding round, which has seen the company valuation rise from £8.4m to £31.3m.

The company, backed by Cabify founders Juan de Antonio and Vicente Pascual, operates an advertising-led revenue model, where customers receive an advert before and after using an e-bike. The company estimates that its bikes will facilitate up to 7,000 rides and avoid almost 4 tonnes of CO2 from being emitted into the capital every day.

Agustin Guilisasti, founder and CEO at HumanForest said: “Securing this latest round of funding is another exciting milestone for us. We look forward to returning the show of faith from our investors with a successful launch and rapid customer acquisition. We are expecting to reach positive EBITDA after three months of truly green operations.”

Agustin continued: “Global shared transport, including micro-mobility, will outgrow ride hailing by 2030 and the sector is expected to grow from £7.8b to £480b. That is not surprising considering that over the past year, there has been an uptake in cycling as people seek sustainable and healthy transport options.”

He finished by saying: “London has a low ratio of shared vehicles compared to other global cities and with the capital opening up again, this is the perfect time for us to launch our e-bikes.”

Caroline Seton, co-founder and head of growth at HumanForest said: “This is an exciting moment in our growth story and, with this support, we are confident that we can become the largest and most popular operator in London.”

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