Upway has raised $30 million (approx. €27.5 million) in the recent Series B funding round. The investment was led by Korelya Capital with participation from Sequoia Capital, Exor Ventures, and Transition.
Upway is a refurbished e-bike marketplace that sells fully reconditioned and inspected preowned e-bikes at up to 60% less than the retail price and with a 1-year warranty. It is making electric mobility accessible to everyone by providing it in such a lower price range.
The startup has expanded its market to five countries in Europe, which include France, Germany, Belgium, and the Netherlands, as well as the US market. As of now, they have processed over 20,000 e-bikes from warehouses in Paris, Berlin, and New York and have grown their retail network to over 1000 retailers. The new investment will be used by the startup to expand into the US market further and extend its customer offerings.
The company’s co-founders are Toussaint Wattinne and Stéphane Ficaja, and it is headquartered in Paris, France.