Upway Secures $60 Million Funding to Enhance Growth
Upway, a pioneer in the refurbishment of e-bikes, has successfully concluded its Series C funding round, raising $60 million to boost its operations in the U.S. This funding, led by A.P. Moller with participation from Galvanize and Ora Global, brings Upway's total funding to over $125 million since its inception in 2021. The company's mission is clear: to give e-bikes a renewed lease on life and make them a top choice for consumers, doubling down on growth in the American market, generating jobs, and building the essential infrastructure for circular mobility.
Aiming for One Million Refurbished E-Bikes
The ambitious goal set by Upway is to establish the world’s largest circular mobility network, with aspirations of refurbishing one million e-bikes by 2030. Since its operations began, Upway has successfully refurbished and sold over 100,000 e-bikes, seeing global sales double in 2025 relative to the previous year. Following this upward trajectory, U.S. sales are also set to double again in the coming years.
Expanding Infrastructure through Six New UpCenters
Currently operating in nine countries, including the U.S., Upway is actively managing six industrial refurbishment centers, known as UpCenters, located in major cities such as New York and Los Angeles, as well as several European locations. With plans to expand to twelve UpCenters by 2027, including new facilities in cities like Denver, Upway aims to create employment for over 2,000 mechanics and operations specialists, which will significantly enhance their operational capabilities.
New Services and Accessibility for Customers
This latest funding round enables Upway to expand its industrial and digital capabilities, allowing for the introduction of new services like financing, insurance, and maintenance. These offerings will enhance accessibility for consumers interested in e-bikes. The growth aligns well with local rebate programs and city investments aimed at improving bike infrastructure, contributing positively to reducing transportation emissions and supporting sustainable urban mobility efforts.
Transforming E-Bike Ownership with Comprehensive Solutions
Upway’s straightforward model involves acquiring used e-bikes, refurbishing them to top industry standards, and selling them online with benefits like a one-year warranty and home delivery. This process fosters transparency and assurance for buyers through every stage, from sourcing the bikes to the final delivery.
With an impressive range of over 200 brands and 2,500 models available, Upway boasts the most comprehensive selection on the market. Buyers enjoy an average discount of 45% compared to retail prices, allowing them to save approximately $1,000 per bike. Each bike undergoes meticulous inspection by qualified mechanics to maintain high safety and quality standards before reaching customers.
Paving the Path to Sustainable Urban Living
By replacing short car trips, each refurbished e-bike can significantly reduce CO? emissions, lowering them by up to 90% per mile compared to traditional vehicles. By doing so, Upway plays a vital role in helping urban areas deal with congestion and pollution challenges. Their operations also contribute to minimizing waste by preventing thousands of bikes from being disposed of each year, extending product lifespans, and promoting a circular economy.
Moreover, e-bikes present numerous public health benefits. Regular e-bike riding is shown to lower the risk of cardiovascular issues by 40% for users cycling 10 miles daily. This alternative transportation method addresses critical health issues related to obesity and air quality, contributing to the global effort against premature deaths.
Commitment to a Circular Economy and Job Creation
Upway's impact transcends environmental concerns; it also bears social and economic significance. The company’s efforts lead to the creation of hundreds of skilled jobs across Europe and North America, aligning with wider reindustrialization efforts and opening new opportunities for those in mechanics, operations, and technical roles.
Stéphane Ficaja and Toussaint Wattinne, Co-founders of Upway, expressed their vision for circular mobility, emphasizing that for sustainable light mobility, a circular approach is essential. They noted that this funding round will help them realize their goal of reshaping second-hand e-bikes as the go-to choice for millions of riders, ensuring the same quality and safety standards as new models.
Comments from industry leaders highlight Upway’s groundbreaking approach. Chetan Mehta from A.P. Moller underscores the company's commitment to quality, while Saloni Multani of Galvanize emphasizes their operational speed and dedication to purpose. Luciana Lixandru from Sequoia Capital asserts that Upway is not just reacting to mobility trends; it is actively crafting the future of transport.
About Upway
Founded in 2021 and based in Paris, Upway is recognized as the leading platform for refurbished e-bikes worldwide. The company serves nine markets, with a vision of making sustainable mobility widely accessible. By refurbishing and reselling e-bikes and introducing additional services like financing, Upway is reaffirming its commitment to the circular economy while aiming to sell over one million e-bikes annually by 2030.
Frequently Asked Questions
What is Upway's main mission?
Upway aims to make sustainable mobility accessible by giving e-bikes a second life and making them a first choice for riders.
How does Upway ensure the quality of its e-bikes?
Each e-bike undergoes a rigorous 50-point inspection by expert mechanics prior to sale, ensuring high standards of quality and safety.
What new services is Upway planning to offer?
Upcoming services include financing, insurance, maintenance, and subscription options to enhance customer accessibility and convenience.
How does using e-bikes benefit the environment?
Using refurbished e-bikes significantly reduces CO? emissions compared to cars, aiding cities in addressing congestion and pollution challenges.
What are Upway's future goals?
Upway aims to refurbish and sell over one million e-bikes annually by 2030, while expanding its operational infrastructure across various regions.
