Sequoia-backed French refurbished e-bike platform Upway raises €52M to ramp up US expansion

Paris-based Upway, a refurbished e-bike platform, has secured €52M to expand its operations and strengthen its presence in key markets.

Paris-based Upway, a company that refurbishes and sells used e-bikes, has raised $60M (nearly €52M) in a Series C funding round.

The round was led by A.P. Moller, with participation from US-based Galvanize and Ora Global, and continued support from Sequoia Capital and other investors.

The new investment brings Upway’s total funding to more than $125M since its launch in 2021. The company plans to use the capital to expand its presence in the US, increase its workforce, and strengthen its operations to support the reuse of e-bikes.

Chetan Mehta, Head of Growth Investing at A.P. Moller Holding, says, “Upway’s ability to industrialise second-hand e-bike refurbishment and deliver the highest level of customer trust globally truly sets them apart. By applying rigorous standards and advanced processes to every bike, they have built a reputation for quality and reliability that is rare in the mobility sector.”

“Customers know they can count on Upway for a seamless, worry-free experience, no matter where they are. This commitment to trust and operational excellence is what makes Upway a reference in circular mobility.”

Luciana Lixandru, Partner at Sequoia Capital, adds, “Upway is not just responding to the future of mobility: it’s actively designing it. By combining supply chain mastery, deep customer trust, and global reach, Upway is laying the foundation for a new kind of infrastructure: one where sustainability scales, and circularity becomes the norm.”

“Their vision redefines how mobility is built, accessed, and experienced, turning second-hand into first choice, and local impact into global transformation.

Making e-mobility more affordable and reducing waste

Founded in 2021 by Toussaint Wattinne and Stéphane Ficaja, Upway operates a system for extending the lifecycle of e-bikes through refurbishment and resale. 

The company acquires used e-bikes, restores them in its facilities, and sells them online with a one-year warranty and delivery to customers. The process covers every step from sourcing to handover.

The platform offers over 200 brands and 2,500 models. Each e-bike undergoes a 50-point inspection performed by trained mechanics before being listed. Customers typically save about $1,000 per bike, or 45 per cent compared with retail prices, providing access to electric mobility across the US.

Refurbished e-bikes replace short car trips and reduce CO2 emissions by up to 90 per cent per mile. They also reduce congestion and air pollution in urban areas like New York and Los Angeles. Additionally, Upway’s operations keep thousands of bikes out of landfills annually and extend the life of materials, contributing to a circular economy.

E-bike use also has additional public health implications. Regular use can lower the risk of a heart attack for riders covering 10 miles per day. Increased cycling addresses factors related to obesity and air pollution, which are associated with millions of premature deaths globally.

Upway also provides employment opportunities in Europe and North America. Its facilities are staffed by mechanics, operations specialists, and logistics personnel. The company supports industrial activity through the establishment and operation of refurbishment centres.

Currently, Upway operates in nine countries, including France, Germany, the Netherlands, Belgium, Switzerland, Austria, Italy, Spain, and the US.

Capital utilisation

The funds will help Upway expand its production capacity and digital systems. It will also enable the launch of new services such as financing, insurance, maintenance, and subscription plans that lower barriers to e-bike ownership.

This expansion aligns with rebate programs in US states, including California and Colorado and with local investments in cycling infrastructure in cities such as New York and Minneapolis. These efforts support a shift toward lower transport emissions and the broader adoption of sustainable urban mobility.

Stéphane Ficaja and Toussaint Wattinne, co-founders of Upway, mention, “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 building the industrial and technological infrastructure that gives e-bikes a second life, with the same quality and safety standards as new ones. We’re excited and ready to continue establishing this entirely new category: one that combines purpose with performance and sustainability with scale.”

Expansion and growth goals

Upway has refurbished and sold over 100,000 e-bikes and provides models from more than 200 brands, each supported by a one-year warranty and home delivery. The company plans to reach an annual volume of one million refurbished e-bikes by 2030 and to extend its services to include financing, insurance, maintenance, and subscription options.

Upway operates in nine countries and manages six refurbishment facilities known as UpCenters, located in New York, Los Angeles, Paris, Berlin, Mechelen, and Düsseldorf. Six more centres, including one in Denver, are scheduled to open within two years. 

By 2027, the company expects to operate 12 facilities across Europe and North America and employ more than 2,000 mechanics and operations staff by 2030.

Since its launch, Upway’s global sales have risen steadily, doubling in 2025 compared with 2024, with US sales following the same trend and expected to double again in 2026. The company’s broader goal is to build a large-scale circular mobility network that links refurbishment, distribution, and service operations across markets.