Forest
London shared e-bike operator with 1.5m users across 18 boroughs; raised £40m Series B.
Last refreshed: 1 May 2026 · Appears in 2 active topics
How is Forest expanding London's e-bike network after raising £40m?
Timeline for Forest
Closed £40m Series B for London e-bike network expansion
UK Startups and Innovation: Forest closes £40m for London e-bike pushMentioned in: All3 lands $25m for agentic defence factories
UK Startups and Innovation- What is Forest e-bike and how does it work in London?
- Forest (formerly HumanForest) is London's largest dockless e-bike operator with 1.5 million users and bikes across 18 boroughs. Riders unlock bikes via an app and leave them at GPS-permitted locations without needing docking stations.Source: UKTN, April 2026
- How much did Forest raise in its Series B?
- Forest raised £40m in its Series B on 29 April 2026: equity from B8 Venture Partners, Fen Ventures and Güil Mobility Ventures, £10m of asset-backed debt from Fintex Capital, and a minority stake from hardware supplier OKAI.Source: UKTN, April 2026
- What is the difference between Forest and Lime e-bikes in London?
- Forest is London-focused and partners with local authorities for borough-level access, while Lime operates across multiple European cities. Forest sources hardware from OKAI and uses asset-backed debt alongside equity, reflecting a fleet-intensive model.Source: Forest public record
Background
Forest is London's largest dockless e-bike operator, formerly known as HumanForest before rebranding. The company operates a shared e-bike network across 18 London boroughs with 1.5 million registered users, making it one of the most widely distributed micro-mobility services in the UK capital. Its model differs from docked systems such as Santander Cycles in that bikes are GPS-locked and can be left at any permitted location, lowering friction for commuters and casual riders. The company sources its hardware from OKAI, the Chinese e-mobility manufacturer, which took a minority equity stake in Forest as part of the April 2026 Series B.
Forest raised a £40m Series B on Wednesday 29 April 2026, with equity from B8 Venture Partners, Fen Ventures and Güil Mobility Ventures, alongside £10m of asset-backed debt from Fintex Capital and the OKAI minority stake. The round is structured as a mix of equity and asset-backed debt, which is characteristic of capital-intensive fleet businesses where physical assets (the bikes themselves) can collateralise borrowing. The total round was completed without retail-investor capital, bucking the VCT-backed angel structure common in earlier mobility rounds.
Forest operates in one of the most contested mobility markets in London alongside Lime, Voi and other pan-European operators. Its focus on the London-only market, combined with local authority partnerships for lane access and parking bays, differentiates it from platforms pursuing continent-wide rollouts. The Series B positions the company to expand borough coverage and increase fleet density ahead of the 2026 summer cycling season.
