HumanForest is planning to launch a securities offering on Crowdcube later this month due to increased demand for its electric city bike.
According to a release, HumanForest will seek £1 million from investors following a trial in the London Boroughs of Islington and Camden last summer. The company previously raised £1.8 million in seed funding. Details on the offering are not yet available.
HumanForest will use the additional capital raised to purchase more e-bikes in preparation to open in 10 London Boroughs next spring. The company says 5 more are scheduled for the summer of 2021. After London, HumanForest plans a second European city by 2022. HumanForest will compete with existing city bike programs.
Agustin Guilisasti, CEO and founder, commented:
“At the heart of HumanForest is a desire to help people make sustainable choices that protect the environment. We are excited to launch the crowdfunding campaign, creating another way for sustainability-minded people to do just that. With the crowd’s investment, we will facilitate up to 7,000 rides and avoid almost 4 tons of Co2 from being emitted into London’s air every day. Climate change can be overwhelming and there are still so many unknowns but HumanForest is a choice Londoners can make in their day-to-day lives to reduce their carbon footprint.”
HumanForest partners with companies by advertising on its digital marketing platform to enable the ride. HumanForest reports that it has already partnered with three companies during the trial; The Financial Times, Whole Foods Market, and Rude Health.
Pre-registration opens today to HumanForest users.
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