E-bike startup Forest secures £40m Series B funding round

2026-04-28 · Source: Sifted · Field: Business & Management — Entrepreneurship & Start-ups, Capital Markets & Investment Management, Mobility Services & Technology · Depth: Fundamental Awareness, quick

Summary

London-based micromobility startup Forest has secured £40 million in a Series B funding round, bringing its total Series B to this amount after an initial £13 million raise last year. Launched in 2020, Forest has rapidly expanded its shared e-bike service across London, now serving 1.5 million users and facilitating millions of rides monthly. The company operates in 18 boroughs and recently secured a sole-operator contract in Richmond. This new capital, which includes a minority stake from hardware supplier OKAI and follow-on investment from existing backers like B8 Venture Partners, Fen Ventures, Güil Mobility Ventures, and Fintex Capital, will be used to expand operations, invest in infrastructure such as parking bays, and enhance its app and safety features. Forest emphasizes its commitment to capital efficiency, sustainable operations, zero-emissions energy for its fleet, and offering users 30 minutes of free daily rides.

Key takeaway

For investors evaluating micromobility opportunities, Forest's successful £40 million Series B round demonstrates that disciplined focus on capital efficiency and sustainable operations can attract significant funding. You should prioritize companies with proven rapid user growth and strategic expansion into key urban markets, especially those securing exclusive operating contracts, as these factors signal strong potential for returns and market dominance.

Key insights

Forest's £40M Series B highlights strong investor confidence in sustainable, rapidly scaling micromobility services.

Principles

• Capital efficiency drives growth
• Sustainable operations attract investment

In practice

• Secure sole-operator contracts
• Offer free ride incentives

Topics

• E-bike Sharing
• Micromobility
• Series B Funding
• London Market
• Startup Growth

Best for: Investor, Entrepreneur, Consultant

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Editorial summary, takeaway, and curation by AIssential. Original article published by Sifted.