2 days ago
'London boroughs have a responsibility to open more spaces for e-bikes'
Six years ago, Agustin Guilisasti was living in west London and studying for a master's in data science across the city at South Bank University.
The Chilean had only envisaged staying in London for a year, but instead sensed a 'big opportunity' with bike travel after becoming frustrated with expensive cycle hire options at the time.
Growing up in a family of entrepreneurs – Guilisasti's grandfather set up Concha y Toro, the largest wine-growing company in Latin America – he had been part of the founding team at Cabify, the unicorn ride-hailing firm which was the first in its sector to offset carbon emissions.
With a sustainability angle in mind, Guilisasti, along with two co-founders, PR expert Caroline Seton and marketing guru Michael Stewart, launched micromobility start-up Human Forest.
Read More: We sold a hand cream every 36 seconds after appearing on This Morning
They launched their e-bike service with a difference to competitors Lime and Santander Cycles by offering the first 10 minutes free every day for users. 'It was cheaper than Lime and the Tube and was affordable for everyone. There was no excuse not to use e-bikes,' says Guilisasti.
In 2020, the company tested 200 bikes in Islington, north London, and growth has sped along to five years later with 15,000 currently on London's streets.
Billed as the capital's most affordable e-bike provider and now called Forest, the company provides over one million customers across 14 boroughs.
According to data, Londoners are now taking 1.33 million cycling trips every day, up by over a quarter since pre-COVID levels, while shared e-bike trips at industry leader Lime and Forest account for one in six rides into the capital.
Yet, says Guilisasti, the issue of e-bike parking has remained stagnant.
Dame Joan Collins recently took to social media to lambast 'loutish' Lime e-bike riders blocking pavements, while councils are slowly introducing compulsory bay-only parking models following agreements with hire companies.
Guilisasti says it has incentives for riders to park in specific spots with the lure of extra minutes and uses AI to predict where the best locations are for both consumers and London itself. 'We know where they [bikes] are and where there are too many of them,' he adds.
Read More: The boss who has found 'nature's answer to plastic'
'We need to work with the authorities, share the data and be responsible in how we manage the whole operation. Lime hasn't done that well and we are paying as an industry a little bit because of that. There is a responsibility for the boroughs also to open more space.'
The Chilean native says he is 'excited' over the recent news from the London mayor that part of Oxford Street will see a car ban and also highlights how Forest e-bikes are available through the cycle-to-work scheme. Employees can take up an offer of less than £1 per day.
Forest employs 71 staff and around 300 agency seasonal staff through the year. Meanwhile, the company's mission is also laid bare on its website, where an asterisk takes centre stage in 'c*r' to facilitate a shift away from vehicles in London.
'We are trying to simulate each time you ride on a Forest, you save 'x' amount of CO2," adds Guilisasti. "We are trying step by step to ensure it is better for the city, users and the planet.'
Forest, which says it recycles almost 70% of broken bike parts, has raised a total of £25m in investment to date, while revenues have jumped from £7.4m in 2023 to nearly £30m last year. Guilisasti forecasts revenues to double this year.
Revenue lines include brand tie-ups for advertising on Forest's app, the latest partnership being Deliveroo, with the food delivery giant's logo featuring on e-bikes and video adverts active on the app. 'We have done things differently to our competitors and that has helped give us profitability,' says Guilisasti.
Read more: The Briton who invented Alexa is now helping to make AI trustworthy
The company has also implemented an airline-style reciprocal approach with global mobility partners, whose users can use Forest bikes in London akin to Lime's partnership with Uber.
'We are made in London but for the rest of the world we are doing alliances which makes more sense for now,' says Guilisasti, after Forest had tendered to bring its model to Paris earlier this year.
'Our plan is to expand operations to the west of London. We need to put all our effort into growing in London and become one of the biggest players.
'From day one we have had sustainable mobility for everyone and we have kept to that mission.'
How to build a brand for longevity
My advice is to find something that generates value to the users. The reason why people love Forest is that it's affordable, sustainable and we are doing something a little bit different to the rest.
Pedal, pedal, pedal. You need to be clear of your mission and to continue believing in it and if you have a value behind it. Don't try to reinvent the wheel – be simple.
Try to do things that are win-win. If you have a product or service where everyone wins you won't need to spend money investing in the users. We have spent almost zero in acquisition and behind that we have something in our brand that is good for consumers.
Relationships in life are everything. When you are in the office you do more things and you can work faster.
Read more:
'Our £30m success is due to mums making sure our children's food looked great'
Meet the 'jokers from London' who sold 100,000 blocks of butter in first 10 weeks
Britain's 'king of billboards' who sold his business for £1bn
