Forest Secures Additional €31m to Expand E-Bike Operations in London
Forest, the London-based e-bike operator, has successfully secured an additional €31 million (£27 million) in funding. This new inflow of capital raises its total Series B funding round to €46 million (£40 million). The funds are earmarked for expanding operations, investing in cycling infrastructure, and further developing technology, applications, parking compliance, and safety features.
Investment Details and Investor Confidence
The recent funding round was led by OKAI and included contributions from several existing investors such as B8 Venture Partners, Fen Ventures, and Güil Mobility Ventures. Together, they have injected €19 million (£17 million) in new equity, building on the €3.4 million (£3 million) announced last year. Additionally, existing lender Fintex Capital has extended its asset-backed finance facility to €23 million (£20 million), with a new infusion of €11 million (£10 million).
José Eluchans, CFO of Forest and a founding team member, expressed his enthusiasm: “This has been a period of exceptional growth for Forest. We have built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations.”
Comparative Analysis in Micromobility and Mobility Infrastructure
In 2026, the micromobility sector saw significant financing activities, underscoring its growing importance. Notably, London-based GIN e-bikes raised €215,000 in debt funding to expand its PLUTO e-bike subscription service. Meanwhile, Wayve secured a billion-euro Series D round to advance its AI-based autonomous driving platform, marking a substantial investment in the mobility sector.
Other notable developments include Nox Mobility in Berlin, which raised €2 million in pre-seed funding, and HeyCharge, which received a €2.5 million EIC grant. In Munich, TWAICE secured €24 million from the EIB for predictive battery analytics development.
Excluding Wayve’s substantial round, the total funding in the sector amounts to over €117 million, highlighting the vibrant funding landscape for urban mobility companies.
Forest’s Commitment to Sustainable Growth and Innovation
Founded in 2020, Forest is committed to sustainability and operates a zero-emission micromobility platform. The company, which facilitates nearly two million trips monthly, is powered by renewable energy. Forest offers users up to 30 minutes of free cycling daily, having provided 110 million free cycling minutes since 2021. Recent tender wins, including in Richmond, have expanded its service area, solidifying its position as the largest e-bike operator in London.
Forest’s strategic partnership with OKAI, who now holds a minority stake, enhances its capacity to design and manufacture high-quality e-bikes. This collaboration aims to set new standards in e-bike quality and rider experience.
Blair McDougall, MP, Minister for Small Business and Economic Transformation, praised Forest as a model of innovation and growth, aligning with the UK’s Industrial Strategy and SME Plan. The recent metro strikes in London highlighted the increasing reliance on Forest’s service, with a 30% surge in demand.
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