London-based e-bike startup HumanForest has fruitfully completed its crowdfunding campaign in December 2020. Through the campaign, the startup has raised around €1.4 million with backing from over 520 investors.
Commenting on the recently acquired funds, CEO and founder of HumanForest, Agustin Guilisasti said, “I would like to offer a warm welcome to HumanForest’s 523 new shareholders. It gives me and the whole team at HumanForest great excitement to know that so many people from all around the world support HumanForest in its mission to reforest the world, one e-bike at a time!”
Founded in 2019, HumanForest offers dockless, shared, and ad-supported e-bike services. Dockless bikes are those that do not require a docking station and can be parked within a defined area at a bike rack or along the footpath. The startup is on a mission to provide sustainable micro-mobility to a group of global cities beginning with London in Spring 2021 and entering another European city in the first half of 2022. Its e-bikes and operations are truly green, offering users a greener way to travel while preventing air pollution and road traffic.
In the summer of 2020, the startup ran a successful trial in two regions of London. But, with the limited size of the fleet and the very high demand for its e-bikes, the startup was able to fulfill only 30% of the total demand. Intrinsically, these fresh funds will be used to increase the fleet to 1,500 e-bikes and relaunch London-wide in Spring 2021.
HumanForest’s business model is built on 3 segregated sources of revenue: users paying for rides, the digital marketing platform and corporate subscriptions.
- HumanForest users pay 0.15p per minute after their free daily 10-minute ride is used up
- Its partner companies pay to promote their brand within the HumanForest digital platform
- Companies pay to provide their employees further time for using HumanForest’s e-bikes
Caroline Seton, Head of Growth at HumanForest said, the startup’s business model is unique and they believe this is one of the main reasons that they’ve had such an effective crowdfunding campaign. Furthermore, investors know that HumanForest is capable of strong future growth both in terms of revenue and user interest. He also added that the summer 2020 trial was a positive indicator that HumanForest is onto something great, over 10k users joined its community and 3 remarkable companies patterned with us; The Financial Times, Rude Health and Whole Foods Market.
He quoted, “With these funds, HumanForest is ready to return at scale!!’
The startup will be declaring the names of their corporate partners and the new e-bike model in early 2021 ahead of their Spring relaunch.
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