Forest is set to become the first of the capital’s “big three” e-bike hire firms to launch a bike with a child seat and another that allows cyclists to safely carry an adult passenger.
The firm, which says it offers London’s “most affordable and sustainable” e-bikes that are used for more than 1.2m journeys a month, expects to have the new models on the capital’s streets by the end of the year.
It has secured £13m of new funding from investors and hopes to expand into Hackney – a key borough for cycling – and launch in Paris.
The three new models are the Forest Duo, which has a seat for a passenger behind the cyclist’s saddle, the Forest Kid, which has a child safety seat, and the Forest Cargo, which has a rear luggage rack in addition to the front basket.
More than 10 million trips were made on Forest bikes in 2024, allowing the firm to record its first full year of profitability.
It hopes the new types of e-bikes will encourage more Londoners to cycle rather than travel by car.
It also hopes to attract more women riders and “achieve gender parity among its riders by 2027”.
Forest has about 15,000 bikes available for hire in the capital. Lime, which is the market leader, is thought to have in excess of 30,000 e-bikes.
Transport for London’s Santander-sponsored fleet of 12,000 “Boris bikes” includes about 2,000 e-bikes.
Forest offers riders 10 minutes of free travel a day and uses “green” energy to recharge the batteries on its e-bikes. It says it is a “zero emissions” operator.
Forest’s new finance deal includes up to £10 million from Fintex Capital and £3 million from B8 Venture Partners.
The new money will also help it to tackle anti-social parking by some riders by making improvements to its “virtual parking bays” and compliance with its parking rules.
It recently submitted a bid for the Paris tender. If successful, this would be its first market outside of the UK.
Agustin Guilisasti, Forest chief executive and founder, said: “The Fintex investment allows us to accelerate our growth, while ensuring rider safety and maintaining responsible operations.
“We are also excited to widen access to our scheme and diversify our fleet by introducing three new e-bike types.
“We remain committed to long-term partnerships with cities and public transport providers to realise our vision of affordable, sustainable mobility for all, and with this financing, we are making excellent progress towards that goal.”
Fintex Capital’s chief executive Robert Stafler said: “We are thrilled to support Forest, London’s affordable and eco-friendly micromobility platform, with this asset-backed lending facility.
“Today, more than ever, cities need smart, safe and easy-to-use bike schemes. We are delighted to partner with a company whose operations are proven to be efficient, sustainable and responsible, and we look forward to seeing Forest solidify its strong position in London whilst also unlocking new cities.”
