Fen Ventures

Fen Ventures is a London-based early-stage venture capital firm with a focus on sustainable mobility, urban infrastructure, and climate-adjacent technology. The firm operates at the intersection of deep-tech hardware and the logistical infrastructure that cities need to decarbonise transport networks. Its portfolio companies typically combine a physical product or fleet with a software layer, reflecting a view that climate infrastructure investments generate the most durable returns when hardware and software are co-designed from the outset.

Fen Ventures participated as an equity investor in Forest's £40m Series B on 29 April 2026, alongside B8 Venture Partners and Güil Mobility Ventures. The round also included £10m of asset-backed debt from Fintex Capital and a minority strategic stake from hardware supplier OKAI . Forest operates the largest shared e-bike fleet across 18 London boroughs and has 1.5 million users. The round's structure, blending equity, asset-backed debt, and a supplier stake, is characteristic of capital-intensive fleet businesses where the vehicle fleet is the primary asset.

Fen Ventures has a limited public footprint compared to larger London generalist funds, which is common among specialist mobility investors whose deal origination relies on operator relationships rather than broad brand recognition. Its presence in the Forest round alongside Güil Mobility Ventures, a Spanish mobility-specialist fund, suggests a European specialist syndicate model: sector-focused investors who collectively provide operator-relevant expertise rather than the brand-name association that generalist funds offer. In the post-VCT market context of 2026, the Forest round is notable as one in which no VCT-backed angel network participated, despite the company's London footprint and consumer-facing scale.