Upway has closed a $60 million Series C round to scale its refurbished e-bike platform and expand its industrial footprint. The Paris-headquartered company plans to extend the life of one million e-bikes by 2030 as it builds what it calls a global circular mobility network. Since launching in 2021, the company has refurbished and sold more than 100,000 e-bikes across nine markets.
Funding and Investors
The round is led by A.P. Moller Holding, with participation from Galvanize and Ora Global, alongside existing backers Sequoia Capital, Exor Ventures, Transition, Origins, and Korelya Capital. The new capital lifts Upway’s total funding to more than $125 million, marking a significant step in the company’s growth strategy. The financing is intended to accelerate both industrial capacity and digital services that support e-bike ownership.
Expansion Plans and Infrastructure
Upway operates six industrial refurbishment centers, known as UpCenters, located in New York City, Los Angeles, Berlin, Düsseldorf, Paris, and Antwerp. The company intends to open six additional facilities within two years in the United Kingdom, the United States, Germany, the Netherlands, and Poland. By 2030, the network is expected to support more than 2,000 mechanics and operations specialists as sales continue to double year over year.
Digital Services and Customer Offering
Beyond physical expansion, Upway will roll out financing, insurance, maintenance, and subscription options to make e-bike ownership more accessible. The platform lists more than 200 brands and 2,500 models, with each bike undergoing a 50-point inspection by in-house mechanics before sale. Buyers receive home delivery and a one-year warranty, with average prices discounted about 45 percent compared with retail.
Business Model and Market Momentum
Upway sources used e-bikes, refurbishes them to industry standards, and sells them online through a fully integrated process. That approach is designed to standardize quality and create transparency from intake to delivery, strengthening customer trust at scale. The company reports that sales doubled in 2025 compared with 2024 and are set to double again in 2026.
Environmental and Public Health Impact
Refurbished e-bikes can replace short car trips and cut per-kilometer emissions by up to 90 percent relative to cars. The model prevents thousands of bicycles from reaching landfills by extending product lifecycles within a circular economy framework. Beyond emissions, regular e-bike use can meaningfully improve public health outcomes, including reduced cardiovascular risk for consistent riders.
Economic and Social Contribution
As Upway grows its industrial base, it is adding skilled jobs in mechanics, operations, and technology across Europe and North America. The company frames this as a contribution to reindustrialization and local economic resilience centered on light electric mobility. Scaling refurbishment capacity is also intended to professionalize second-hand standards for a category that has historically been fragmented.
Leadership and Investor Perspectives
Co-founders Stéphane Ficaja and Toussaint Wattinne say the company is building industrial and technological infrastructure to make second-hand the first choice. A.P. Moller Holding’s Chetan Mehta highlights Upway’s ability to industrialize refurbishment and deliver consistent customer trust across markets. Galvanize’s Saloni Multani underscores the team’s speed and operational rigor, while Sequoia Capital’s Luciana Lixandru points to a blueprint for scaled circularity.
Market Position and Global Reach
Operating in the United States and eight European countries, Upway is positioning its platform as a reference point for professionally refurbished e-bikes. The company’s assortment breadth, warranty coverage, and logistics are intended to lower barriers to premium e-mobility. New UpCenters and software services are expected to deepen market penetration while standardizing quality across regions.
Upway’s Series C puts significant capital behind an industrial and digital playbook for circular mobility. With expanded refurbishment capacity, broader services, and a growing market footprint, the company aims to make refurbished e-bikes a mainstream option. The roadmap targets environmental gains, consumer affordability, and durable industrial jobs as the platform scales toward 2030.