Check out the pitch deck a former Cabify exec used to raise $2 million for a new ‘free’ bike-sharing startup
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- London-based e-bike startup HumanForest just raised $2 million in a funding round backed by Cabify founders Juan de Antonio and Vicente Pascual.
- The e-bike market continues to boom under COVID-19, with analysts at Markets and Markets predicting an industry value of almost $40 billion by 2025.
- Business Insider got an exclusive look at the pitch deck it used to bring investors on board.
- Visit Business Insider’s homepage for more stories.
HumanForest, the e-bike startup offering users free rides for up to 20 minutes, just raised more than $2 million in a funding round backed by the founders of Cabify.
The e-bike rental market continues to grow rapidly, with analysts at Markets and Markets predicting the industry could be worth close to $40 billion globally by 2025.
The London-based firm was founded last year by Agustin Guilisasti, a one-time senior exec with Spanish ride-hailing firm Cabify, and Caroline Seton, a former director at PR firm Finsbury.
The firm is currently trialling its first batch of bikes in north London, where it offers users 20 minutes of free ride time, making up the costs with in-app ad revenue, before charging 12p (or $0.09) per minute. Rival Jump, owned by Lime, charges 15p a minute and a £1 unlock fee by comparison.
Since launching its trail in June, HumanForest said 14,000 riders had taken almost 42,000 rides, with a 100% increase month on month.
For the new funding, Guilisasti brought his old friends at Cabify along for the ride, with cofounders Juan de Antonio and Vicente Pascual leading the round, with the latter joining HumanForest’s board.
“I worked with the team at HumanForest for ten years at Cabify and I believe that this is another disruptor,” he said.
“It is three disruptors in one; it provides free mobility for users through its partnership model, protects the planet, and appeals to partner companies who seek to demonstrate their social impact. We are already seeing the success of the model and I am excited to be involved in its future growth.”