Three months after raising £1.8m, bike-share start-up HumanForest has successfully crowdfunded another £1.25m ahead of a relaunch after removing all its bikes from service in September following a customer accident.
Founded in November 2019, HumanForest bills itself as “London’s only truly sustainable electric city bike,” with all its rentals running off electricity from certified renewable sources.
HumanForest had planned to expand after raising £1.8m in September, but then later in the month announced it would be going on hiatus until spring after a customer "accident" prompted it to remove all its bikes.
The customer in question was unhurt, but there was sufficient concern that HumanForest decided to re-launch with a new e-bike.
Having taken to CrowdCube, the firm has now raised a further £1.25m from more than 445 investors.
The funding will go towards acquisition of 1,500 e-bikes and expansion into 15 London boroughs by the summer of next year with a view to international expansion in 2022.
CEO and founder Agustin Guilisasti commented: “We are thrilled by the response we have seen to the initial phase of our crowdfunding campaign and the interest from such a variety of investors. It’s reassuring to know that investors are looking to support companies with sustainable values at their core, who are making a real-world difference to the future of our planet.”