# Forest funding: rounds and investors > Forest has raised $43M across 3 rounds since 2025. Investors include Crowdcube, Fen Ventures and Headline. Every round with its source. Source: https://millionrounds.com/company/forest (Millionrounds; every figure on the page links to its filing or article) Japan · [Funded startup](https://millionrounds.com/companies) # Who invested in *Forest* 3 rounds we have observed, with the 6 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. E-commerce Raised 6 months ago Funding summary Updated 26 Oct 2026 **$43M** raised across 3 rounds since 2025, from 4 sources **$16M** Series B **$27M** Series B **$52K** Secondary - **Latest round:** Secondary, $52K May 2026 - **Biggest round:** $27M Series B · Oct 2025 - **Investors:** 6 See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2025 2026 **$16M** Series B **$27M** Series B **$52K** Secondary - **First round:** Series B, $16M - **Biggest round:** $27M - **Usual gap between rounds:** 9 months ## The rounds - **May 2026** Secondary **$52K** *2 returning* [Crowdcube](https://millionrounds.com/fund/crowdcube) [Fen Ventures](https://millionrounds.com/fund/fen-ventures) Source recorded - **Oct 2025** Series B **$27M** *3 new* [Headline](https://millionrounds.com/fund/headline) [Mizuho Corporate Bank](https://millionrounds.com/fund/mizuho-corporate-bank) [Infinity Ventures](https://millionrounds.com/fund/infinity-ventures) Source recorded - **Jan 2025** Series B **$16M** *3 new* [Crowdcube](https://millionrounds.com/fund/crowdcube) [Fen Ventures](https://millionrounds.com/fund/fen-ventures) [Hackquarters](https://millionrounds.com/fund/hackquarters) Source recorded and 1 other ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Series B** 2025 **Series B** 2025 **Secondary** 2026 [Crowdcube](https://millionrounds.com/fund/crowdcube) [Fen Ventures](https://millionrounds.com/fund/fen-ventures) [Headline](https://millionrounds.com/fund/headline) [Mizuho Corporate Bank](https://millionrounds.com/fund/mizuho-corporate-bank) [Infinity Ventures](https://millionrounds.com/fund/infinity-ventures) [Hackquarters](https://millionrounds.com/fund/hackquarters) ## Everyone who backed them [Crowdcube](https://millionrounds.com/fund/crowdcube) VC firm **2** rounds [Fen Ventures](https://millionrounds.com/fund/fen-ventures) VC firm **2** rounds [Headline](https://millionrounds.com/fund/headline) VC firm **1** round [Mizuho Corporate Bank](https://millionrounds.com/fund/mizuho-corporate-bank) VC firm **1** round [Infinity Ventures](https://millionrounds.com/fund/infinity-ventures) VC firm **1** round [Hackquarters](https://millionrounds.com/fund/hackquarters) Investment firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=forest). ## Also claim to have backed them These 4 firms list Forest as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [DBJ Capital](https://millionrounds.com/fund/dbj-capital) Government Per its own site [Dentsu Ventures](https://millionrounds.com/fund/dentsu-ventures) Corporate VC Per its own site [Japan Post Capital](https://millionrounds.com/fund/japan-post-capital) VC firm Per its own site [Hakuhodo DY Ventures](https://millionrounds.com/fund/hakuhodo-dy-ventures) VC firm Per its own site ## Quick answers about Forest ### Who invested in Forest? Forest's investors include Crowdcube, Fen Ventures, Headline, Mizuho Corporate Bank and Infinity Ventures, and 1 more on record. ### How much has Forest raised? Forest has raised $43M across 3 rounds since 2025. ### When did Forest last raise? Forest's most recent round was a Secondary of $52K in May 2026. ### What was Forest's biggest round? Forest's largest round on record is $27M (Series B), in Oct 2025. ### Who backed Forest first? Forest's first round on record, in Jan 2025, was backed by Crowdcube, Fen Ventures and Hackquarters. ### What stage is Forest at? Forest's latest named round is a Secondary, in May 2026. ### Where is Forest based? Forest is based in Japan. ## Companies like Forest In the same sector, and raised in the last eighteen months. [**Beer and Tech** $8.8M · Jul 2026](https://millionrounds.com/company/beer-and-tech)[**Kuradashi** $1.8M · May 2026](https://millionrounds.com/company/kuradashi)[**Caguuu** $9.6M · Dec 2025](https://millionrounds.com/company/caguuu)[**Grooves** $9.9M · Nov 2025](https://millionrounds.com/company/grooves)[**Anatae** $1.8M · Jul 2025](https://millionrounds.com/company/anatae)[**S-Mat** $39M · Jun 2025](https://millionrounds.com/company/s-mat) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app