Upway Secures $60M to Refurbish One Million E-Bikes by 2030

French e-bike refurbisher Upway has successfully raised $60 million in Series C funding, furthering its mission to provide refurbished e-bikes a second life while making sustainable mobility more accessible. This funding round, led by A.P. Moller Holding with participation from Galvanize, Sequoia Capital, and others, elevates Upway’s total funding to over $125 million and increases its valuation to $400 million.

With the new capital, Upway aims to enhance its digital services, offering flexible financing, insurance, maintenance, and subscription options. This initiative aligns with emerging bike rebate programs in states like California and Colorado, as well as growing investments in urban cycling infrastructure around the globe.

Ambitious Plans for E-Bike Refurbishment

Upway has set an ambitious goal to refurbish one million e-bikes by 2030. Since its inception, the company has already refurbished and sold over 100,000 e-bikes across nine countries, including the United States, France, Germany, and the Netherlands. Currently operating six UpCenters in cities such as New York, Los Angeles, Paris, Berlin, Düsseldorf, and Antwerp, Upway plans to double its industrial hubs to twelve within the next two years. These centers serve as key elements of a growing circular mobility network, staffed by skilled mechanics and technicians who ensure that each refurbished bike meets strict quality standards.

By 2030, Upway anticipates employing more than 2,000 specialists, bolstering its global efforts to mainstream refurbished e-bikes.

Transforming E-Bike Ownership and Environmental Impact

Founded in 2021 by former Uber executives Stéphane Ficaja and Toussaint Wattinne, Upway buys used e-bikes, refurbishes them in-house, and sells them online, accompanied by a one-year warranty and home delivery. Customers can choose from over 200 brands and 2,500 models, typically at prices 45% lower than retail. Each bike undergoes a rigorous 50-point inspection, ensuring quality and reliability that competes with new products.

Beyond affordability, Upway’s model has significant environmental and social implications. Each refurbished e-bike can replace short car trips, reducing CO2 emissions by up to 90% per mile. The company also prevents thousands of used bikes from ending up in landfills, extending their lifespan and reinforcing the principles of a circular economy. E-bikes contribute to less pollution and congestion in urban areas and promote public health, with studies indicating that regular riders can lower their risk of heart disease by nearly 40%.

Upway’s expansion is poised to create industrial jobs across Europe and North America, merging sustainability with economic growth.

In the words of co-founders Stéphane Ficaja and Toussaint Wattinne, “We founded Upway with a simple idea: light mobility can only be sustainable if it’s circular. This round allows us to scale that vision and make second-hand the first choice for millions of riders. We’re excited and ready to continue establishing this entirely new category: one that combines purpose with performance and sustainability with scale.”

The sentiment is echoed by Chetan Mehta, Head of Growth Investing at A.P. Moller Holding, who stated, “Upway’s ability to industrialise second-hand e-bike refurbishment and deliver the highest level of customer trust globally truly sets them apart.”

As Upway continues to redefine mobility, it is setting the stage for a future where sustainability is not just an option but a standard. The company is not merely responding to the evolving demands of transportation; it is actively shaping the future of mobility with a commitment to quality, environmental responsibility, and a vision that prioritizes circularity.