Upway raises $60M to refurbish 1 million e-bikes by 2030

Paris-based Upway, a platform for refurbished e-bikes, closed a $60 million Series C round led by A.P. Moller Holding, with participation from Galvanize, Ora Global, and renewed backing from Korelya Capital, Sequoia Capital, Exor Ventures, Transition, and Origins.

Founded in 2021, Upway operates internationally and combines industrial expertise, proprietary technology, and a circular-economy approach. The company has refurbished and sold over 100,000 e-bikes and aims to return more than one million to the road by 2030. Its services also include financing, insurance, maintenance, and subscriptions. Its mission is to extend the life of e-bikes and make sustainable mobility widely accessible.

According to co-founders Stéphane Ficaja and Toussaint Wattinne, Upway was built on the belief that sustainable light mobility depends on a circular model:

We’ve built a strong industrial and technological foundation to give electric bikes a second life with the same quality and safety standards as new ones. We want to prove that performance, impact, and sustainable profitability can go hand in hand.

Upway buys used e-bikes, refurbishes them in-house to rigorous standards, and sells them online with a one-year warranty and home delivery. The catalogue spans more than 200 brands and 2,500 models, typically priced about 45 per cent below new, often saving buyers over €1,000 per bike, and each unit undergoes a 50-point inspection by trained mechanics.

Refurbished e-bikes can replace short car trips, helping reduce congestion and cut CO₂ emissions by up to 90 per cent per kilometre, while diverting thousands of bikes from landfill and supporting a circular economy. Regular e-bike use (around 15 km per day) is associated with a 40 per cent lower risk of heart attack and may help address obesity and air pollution.

With the new financing, Upway plans to accelerate its industrial and digital growth by opening additional UpCenters in Europe and North America.

The investment will also support the rollout of new digital services, including financing, insurance, maintenance, and subscription options, aimed at making electric biking simpler, more affordable, and more accessible to a wider audience.