HumanForest to double London e-bike fleet
HumanForest has experienced remarkable growth, doubling its user base within a year of operations. The company’s month-on-month growth rate of 50% demonstrates its rapid expansion and positive trajectory. The start-up’s ability to attract a large number of users in a short period of time showcases the strong demand for its sustainable transportation services and highlights its potential for continued success.
How much investment London based ebike start-up has raised for e-bike fleet ?
HumanForest, a leading provider of sustainable micro-mobility solutions, has successfully secured £12 million in Series A funding to facilitate the expansion of its electric bicycle fleet in the vibrant city of London. This significant investment includes a substantial £5 million contribution from Triodos Bank UK, aimed at enabling HumanForest to double the size of its fleet within the capital, in order to meet the surging demand for its innovative services. Having already amassed a total funding of £17.4 million since late 2020, the company is poised to further enhance its technological capabilities through the infusion of fresh equity funding. Specifically, the funds will be allocated towards the advancement of HumanForest’s advertising technology platform and user application, bolstering the company’s ability to effectively reach its target audience. Notably, the operator’s ad tech platform offers an opportunity for businesses to allocate their advertising expenditure towards providing HumanForest users with 10 minutes of complimentary cycling each day. This unique initiative not only promotes sustainable transportation but also supports the necessary transition toward decarbonizing the transport sector. Agustin Guilisasti, the esteemed CEO and Founder of HumanForest, expressed his optimism surrounding the transformative potential of affordable and accessible sustainable micro-mobility in urban areas. He emphasized that this latest funding round has played a pivotal role in accelerating the company’s expansion efforts, enabling a larger portion of London’s population to benefit from affordable and eco-friendly transportation options. Guilisasti also highlighted the importance of capital efficiency in facilitating the company’s sustainable growth trajectory.
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.”
What will be the advantages for electric bike users?
Affordable transportation:
The investment will enable the company to reach more users. HumanForest offers a cost-effective and easily accessible cycling solution in London. Through its innovative advertising-led model, the company provides users with 10 free minutes of cycling per day. After the complimentary period, users are charged a nominal fee of £0.15 per minute, ensuring an affordable and flexible option for exploring the city on two wheels.
Reduced congestion:
With nearly 2 million trips facilitated in the past 18 months, HumanForest’s platform has significantly contributed to reducing congestion on busy London roads. The increased presence of electric bikes translates to fewer cars on the road, resulting in smoother traffic flow and improved biking experiences for ebike riders. This reduction in congestion not only benefits the riders but also helps create a more efficient and less congested urban environment for all commuters.
Sustainable mobility:
The company’s use of environmentally friendly materials and commitment to a greener future further enhance its sustainability efforts. Overall, expansion of HumanForest will play a vital role in creating a more sustainable and eco-friendly urban environment in London.
About HumanForest?
HumanForest is a sustainable micro-mobility platform based in London, dedicated to providing eco-friendly transportation options. After a temporary suspension of services due to a faulty e-bike incident, the company swiftly took action, recalling and replacing all bikes to ensure rider safety. In 2021, HumanForest resumed operations, adopting an innovative advertising technology platform to ensure affordability and accessibility for users. By offering 10 minutes of complimentary cycling per day through advertising partnerships, the company has rapidly gained popularity, boasting an impressive user base of 300,000 within just 18 months. HumanForest has obtained licenses in nine London boroughs and recently secured a license renewal to operate in the City of London, solidifying its commitment to sustainable micro-mobility solutions. With plans to expand its services to Kensington & Chelsea, Lambeth, Merton, and Southwark, HumanForest continues to make strides towards revolutionizing urban transportation with its environmentally conscious approach.
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