HumanForest, a sustainable micromobility platform, has raised £2.3m at the close of its pre-series A funding round, tripling the company’s valuation to £32m.
The company, founded by former-Cabify lead Agustin Guilisasti, announced the funding ahead of its launch in London this September.
HumanForest e-bikes operate an advertising-led revenue model, whereby consumers receive an advert from partners before and after using a HumanForest e-bike. This allows customers to ride for free for 10 minutes each day and costs £0.15 per minute thereafter.
The e-bikes feature swappable batteries with an 80km (50-mile) range, an in-built phone charger and an application-based locking mechanism.
With the technological architecture created in-house, HumanForest operates with zero emissions and estimates that its e-bikes will facilitate up to 7,000 rides and avoid almost 4 tonnes of CO2 from being emitted into London’s air every day.
During last year’s trial, the company reportedly grew its number of users by 48% each week and avoided 10 tonnes of CO2.
The company said it will next announce a number of partnerships with “high-profile brands that align with its sustainable values” over the coming weeks ahead of the launch. Corporate partners last year included the Financial Times and Whole Foods Market.
HumanForest is headquartered in London and since its inception in 2019 has raised £4.5m. Employees at HumanForest own part of the company, which has its own warehouses to charge batteries and repair its e-bikes.
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.
“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. ”
The rental e-bikes will be available in the London boroughs of Islington and the City of London from September. Users will also be able to start and end their rides in the London boroughs of Camden and Kensington & Chelsea. More borough openings will follow shortly after the launch.
