Fintech & Ecommerce

HumanForest Raises $15 Million to Grow UK eBike Business

The British micro-mobility company HumanForest announced that it managed to attract investment funds in the amount of $ 15 million for the development of e-bike technology.

HumanForest Raises $15 Million to Grow UK eBike Business

Source: Pixabay.com

The company announced the receipt of investments following the results of the Series A financing round last Friday, April 28. The firm said that these investments will be aimed at doubling the fleet and creating an advertising technology platform and a user application.

Agustin Gilisasti, founder and CEO of HumanForest, says that sustainable micro-mobility is a force for good in cities, but it must be affordable in terms of price so that significant changes take place in the corresponding direction. He noted that the investment will accelerate the expansion of the company and provide sustainable and affordable mobility to more residents of London. The head of the firm also stressed that attracting funds improves HumanForest’s approach to growth in terms of capital intensity.

HumanForest as of the end of April increased by 50% compared to the previous month. The company has received licenses giving the right to operate in nine more districts of London. The firm states that the expansion of the geography of services will continue in the foreseeable future.

The successful completion of the financing round led by Triodos Bank was recorded during a period of shortage of startup investment. According to experts, this negative trend will continue, since there are no prospects for ending the declining market yet. Some venture capital firms are forced to raise funds at a lower cost.

Cameron Lester, global co-head of technology, media, and telecommunications investment banking at Jefferies, a financial services company, says that there has not been such a decline in investment for more than 20 years.

Pitchbook data shows that since 2021, more than 400 American companies have not attracted new investment funds. Also, 94% of startups worth $ 1 billion or more are unprofitable.

The March collapse of Silicon Valley Bank, which provided financing and banking services to venture capital companies, brought the industry, which was already struggling with the decline of investment, closer to the border of total chaos.

In 2021, startups recorded positive dynamics and hoped for the continued recovery of the industry, but in early 2023 funding slowed to almost a minimum. Venture capital financing declined by 65% year-on-year in the last months of 2022.

As we have reported earlier, AI Platform to Analyze Creative Advertising Raises $5.1 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.