Forest, a shared e-bike operator, has raised £27 million in a Series B extension from OKAI, B8 Venture Partners, Fen Ventures, Güil Mobility Ventures and Fintex Capital. It provides shared e-bikes for urban transport in London, enabling affordable and sustainable travel across the city. The funding will support continued expansion of operations across London, including investment in cycling infrastructure, technology and app developments.
It operates in London’s shared e-bike sector, where demand for affordable and sustainable transport is growing. Forest has scaled to 1.5 million users and completes two million rides per month across 18 boroughs. It has invested in 2,600 parking bays and offers users up to 30 free cycling minutes a day, with 110 million free minutes provided since 2021. Its fleet and service vehicles are powered by renewable energy, and it operates the largest continuous service area of any shared e-bike provider in London.
The funding includes £17 million in fresh equity from OKAI and existing investors, alongside £10 million in asset-backed finance from Fintex Capital, bringing the total available facility to £20 million. The investment follows an initial £13m Series B round in January 2025, which included a facility of up to £10m in Asset-Backed Finance from Fintex Capital and £3m from B8 Venture Partners. The partnership with OKAI gives input into the design and manufacturing of its e-bike fleet, supporting quality, lifespan and supply of bikes and parts as demand grows.
Forest has expanded rapidly since launching in 2020 and has secured tender wins including being appointed sole operator in Richmond. Demand increased by 30% during recent Tube strikes, reflecting the role of alternative transport options. It continues to position itself as a single-city operator focused on reinvesting in London’s transport network.
This has been a period of exceptional growth for Forest. We’ve built one of the largest e-bike platforms in Europe by maintaining a disciplined focus on capital efficiency and sustainable operations. This latest investment reflects our shareholders’ confidence in our ability to scale responsibly while delivering real value to London. Our objective is that every Forest e-bike should generate more trips than any other shared bike on the street. That level of utilisation isn’t just a business metric - it’s how we justify our existence in a city with competing uses for public space. As a single-city operator, we’re able reinvest directly into our home city London - expanding access to cycling, supporting the shift to cleaner, smarter transport.
Forest continues to grow and deliver. We’re delighted to extend our support by expanding our asset-backed facility to £20 million. Demand for Forest bikes keeps growing and we're pleased to back the operator with the largest continuous service area across London.
We’re delighted to invest in Forest and become more than a supplier: we’re collaborators, investors and co-creators. We have been impressed with Forest’s rigorous approach to maintenance, servicing and the management of their e-bike fleet. Forest’s input into the bike design and manufacturing process, based upon what they’re seeing on the ground in London, will help set new standards for e-bike quality and performance, as well as the rider experience.
Forest is a great example of the kind of ambitious, innovative, and high growth business we want more of in the UK, bringing in investment, creating jobs, and boosting the economy. Which is why, as part of our Industrial Strategy and Plan for Small and Medium-sized businesses, we are channeling support to businesses like this, providing access to finance, help adopting new tech and upskilling opportunities.
