France’s Upway raises €5M from Sequoia, others to launch its marketplace for secondhand e-bikes

After smartphones, clothing, and household electronics, Paris-based Upway brings a breath of fresh air to the second-hand market. The company is building a marketplace for reconditioned e-bikes to make electric mobility more affordable and to reduce waste. 

In a recent development, the French company announced that it has raised €5M in a fresh round of funding from Sequoia Capital and Global Founders Capital.

Luciana Lixandru, Partner at Sequoia, says, “Combating the climate crisis is a key mission for our generation and the shift to e-mobility is a must. However, supply hasn’t scaled with demand and millions of consumers are looking for reliable second-hand electric vehicles. Upway allows people to buy a preloved e-bike, in excellent condition and under warranty.”

“Launching with bikes in France is the first step, with the strong execution DNA and the global mindset of the team, we believe they can become the leading marketplace for reconditioned small electric vehicles, worldwide,” adds Lixandru.

The raised capital will help the company’s mission to democratise access to electric bikes in France and later expand into new European markets in 2022.

Electric bikes that are affordable and delivered to your home

According to Upway, 2020 saw a cycling boom in France with bike use increasing by 10 per cent over the course of the year. The cycling market is estimated to be worth over €3B, having seen a 25 per cent increase, largely driven by the sales of electric bikes.

However, there are still a number of obstacles stopping people from buying electric bikes – high prices (€2,000 on average), a supply shortage leading to delivery delays and, finally, concerns about the condition of the battery in second-hand models.

To tackle these problems, and to meet the increasing demand from consumers to find eco-friendly ways to travel, Upway has launched the first platform dedicated to the reconditioning and resale of electric bikes.

Upway claims to be the only marketplace of its kind in France and wants to open up the opportunity to as many people as possible to buy second-hand electric bikes reconditioned in France to industry standards and with a one-year warranty.

Upway was founded in 2021 by Toussaint Wattinne and Stephane Ficaja, former executives from Uber and Uber Eats in Europe and North America. 

Wattinne says, “With Upway, we are removing the barriers to purchasing electric bikes once and for all by providing a wide range of models that have been reconditioned in France, at affordable prices and which can be ordered online, for delivery to your home. We’re also committed to supporting French people in their desire to change the way they shop, at a time of increasing awareness of environmental issues.”

The strength of Upway’s service is in its ability to provide high-quality electric bikes. Each bike undergoes a 20-point inspection and is reconditioned to professional standards. Located in Gennevilliers, near Paris, the Upway warehouse houses a team of professional repair staff who ensure the quality of the bikes, which are put back on the market for a price 20 to 50 per cent lower than a new product.