Paris-based Upway, a platform for professionally refurbished e-bikes, has secured $60 million in Series C funding led by A.P. Moller Holding, with participation from Galvanize, Ora Global, and existing backers Sequoia Capital, Exor Ventures, Transition, Origins, and Korelya Capital. The round brings total funding to over $125 million since 2021.
What Upway is doing
Upway refurbishes used e-bikes and sells them online with a one-year warranty and home delivery. As the company says, buyers can choose from 200+ brands and ~2,500 models, with an average 45% discount compared to retail price, saving customers over €1,000 per bike. Each bike goes through a 50-point inspection at one of Upway’s refurbishment facilities.
Beyond cost savings, Upway positions refurbished e-bikes as a key driver of urban sustainability, reducing CO₂ emissions and keeping thousands of bikes out of landfills each year.
Co-founders Stéphane Ficaja and Toussaint Wattinne said the vision is simple: “Light mobility can only be sustainable if it’s circular… We’re building the industrial and technological infrastructure that gives e-bikes a second life, with the same quality and safety standards as new ones.”
Upway has already refurbished and sold 100,000 e-bikes, with sales doubling year-over-year. Its ambition: refurbish 1 million e-bikes annually by 2030 and build the world’s largest circular mobility network.
What's next
Upway currently operates across nine markets and runs six industrial UpCenters in New York, Los Angeles, Berlin, Düsseldorf, Paris, and Antwerp.
With fresh capital, the company will open six more UpCenters (in the UK, US, Germany, Netherlands, and Poland) and expand its digital services, including financing, insurance, maintenance, and subscriptions. The network is expected to employ over 2,000 mechanics and operations specialists by 2030.
