E-Bike Startup Forest Secures $51M Series B Funding Round

Why It Matters

The capital injection underscores strong investor confidence in scalable, carbon‑neutral micromobility solutions and positions Forest to deepen its foothold in Europe’s most active e‑bike market.

Key Takeaways

• Forest reached 1.5 million users in London since 2020.
• New $51 million Series B backs expansion into 18 boroughs.
• Hardware supplier OKAI takes minority stake, deepening vertical integration.
• Funding will finance parking bays, app upgrades, and safety features.
• London remains world’s largest shared e‑bike market, driving investor interest.

Pulse Analysis

Micromobility has become a cornerstone of urban transport strategies, and shared e‑bikes are at the forefront of that shift. Forest’s rapid climb to 1.5 million riders reflects both consumer appetite for flexible, low‑cost travel and the city’s supportive regulatory environment. By leveraging a fleet powered entirely by renewable energy, the startup differentiates itself from traditional scooter operators, aligning with London’s climate‑action goals while delivering a convenient alternative to congested public transit.

The $51 million Series B round signals a maturing investment thesis around sustainable mobility platforms. Existing backers such as B8 Venture Partners and Fen Ventures reaffirm confidence, while OKAI’s minority equity stake ties hardware supply directly to the service layer, reducing procurement risk and fostering tighter product integration. Asset‑backed financing from Fintex Capital adds a layer of balance‑sheet strength, enabling Forest to scale infrastructure—particularly parking bays and charging stations—without over‑leveraging its operating cash flow.

Looking ahead, the infusion of capital positions Forest to capture a larger slice of London’s e‑bike market, which already outpaces most global cities. The planned app enhancements and safety features aim to improve user retention and attract new demographics, especially commuters seeking reliable, emissions‑free travel. As other municipalities observe London’s success, the model could be replicated across Europe, making Forest a potential benchmark for next‑generation urban mobility ventures.

Deal Summary

London micromobility startup Forest raised £40 million ($51 million) in a Series B round, with a minority stake taken by hardware supplier OKAI and follow‑on investments from B8 Venture Partners, Fen Ventures, Güil Mobility Ventures and Fintex Capital. The capital will fund expansion across London, new parking infrastructure and enhancements to its app and safety features.