Forest E-Bikes Raises $33.6M to Expand in London

Jan de Vries · 2026-04-28

Forest, the London-born e-bike operator, just locked in an additional $33.6 million (€31 million) in funding. That pushes their total Series B round to $49.8 million (€46 million). The money is earmarked for expanding operations, building better cycling infrastructure, and upgrading their app, parking compliance, and safety features. This latest round includes $20.6 million (€19 million) in fresh equity from OKAI and returning investors like B8 Venture Partners, Fen Ventures, and Guil Mobility Ventures. That builds on the $3.7 million (€3.4 million) equity they announced last year. On top of that, existing lender Fintex Capital is making another $11.9 million (€11 million) available in asset-backed finance. Combined with their earlier facility, that brings the total available debt financing to $24.9 million (€23 million). All this follows Forest's January 2025 Series B first close of $16.6 million (€15.3 million), which we covered in our earlier report. ### What the CFO Says Jose Eluchans, Forest's CFO and a founding team member, puts it simply: "This has been a period of exceptional growth for Forest. We've built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations." He adds, "This latest investment reflects our shareholders' confidence in our ability to scale responsibly while delivering real value to London. Our objective is that every Forest e-bike should generate more trips than any other shared bike on the street. That level of utilization isn't just a business metric - it's how we justify our existence in a city with competing uses for public space."  ### A Look at the Broader Micromobility Landscape 2026 saw a bunch of financings across micromobility, mobility infrastructure, and electrification-adjacent companies that are worth noting. They give context to Forest's own growth and the ecosystem they operate in. - **UK:** London-based GIN e-bikes raised $233,000 (€215k) in debt funding to buy 160 new electric bicycles and expand its PLUTO e-bike subscription service. That makes it Forest's closest peer by both sector and geography. Meanwhile, Wayve raised a massive $1.1 billion (€1 billion) Series D to advance its AI-driven autonomous driving platform, making it the largest comparable mobility-sector financing. - **Germany:** Berlin-based Nox Mobility raised $2.2 million (€2 million) in pre-Seed funding to grow its team, build a full-scale mock-up, and prepare initial night-train routes planned for 2027. HeyCharge received a $2.7 million (€2.5 million) EIC grant to scale offline EV charging across Europe. And Munich-based TWAICE secured $26 million (€24 million) in EIB financing to scale predictive battery analytics for battery storage and electric vehicle applications. - **Elsewhere:** Paris-based Decade Energy secured $23.8 million (€22 million) to scale depot electrification infrastructure across France, broaden its product offering, and enter new international markets. Kortrijk-based Magnax raised $38.5 million (€35.5 million) to industrialize axial-flux electric motor technology for applications including e-mobility, industrial drives, and aerospace propulsion. Excluding Wayve's substantially larger autonomy round, the total is over $127 million (€117 million). That gives a more representative view of funding activity among smaller urban mobility, EV infrastructure, and electrification-adjacent companies. ### Why Being a Single-City Operator Works "As a single-city operator, we're able to reinvest directly into our home city London - expanding access to cycling, supporting the shift to cleaner, smarter transport," says Jose. That focus seems to pay off. Founded in 2020, Forest is an environmentally sustainable micromobility platform. It was started by Agustin Guilisasti (ex-Cabify) alongside co-founders Caroline Seton and Michael Stewart. The company now facilitates almost two million rides per month. ### Zero-Emission Operations Forest's operations are truly zero-emission. Every bike in its fleet, as well as all service vehicles, is powered only by renewable energy. That's a big deal in a city like London, where air quality is a constant concern. ### Rapid Growth in User Base Seizing upon the global boom in demand for affordable and sustainable travel, Forest has reportedly grown its user base to 1.5 million. That represents 100% year-over-year growth. They now complete over two million rides each month, which is pretty impressive for a company that started just a few years ago. Forest's story is a clear sign that shared micromobility is here to stay. With fresh funding, a laser focus on London, and a commitment to sustainability, they're well-positioned to keep expanding and making city travel cleaner and more convenient.