Upway, the international platform for professionally refurbished e-bikes, has closed a $60 million Series C funding round led by A.P. Moller. The round also saw participation from U.S.-based investors Galvanize and Ora Global, along with continued backing from Sequoia Capital and other global investors. This brings the company's total funding to over $125 million since its 2021 launch.
The Paris-based startup plans to use the capital to accelerate its U.S. operations, expand its industrial refurbishment network, and roll out new services. Founded with the mission of giving e-bikes a second life while offering riders a compelling first choice, Upway is building what it calls the backbone for circular mobility at scale.
Upway's goal is ambitious: create the world's largest circular mobility network and refurbish one million e-bikes annually by 2030. Since its founding, the company has already refurbished and sold more than 100,000 e-bikes. Global sales doubled in 2025 compared to 2024, and U.S. sales are tracking at the same growth rate, expected to double again in 2026.
The company now operates across nine countries—France, Germany, Netherlands, Belgium, Switzerland, Austria, Italy, Spain, and the United States. It runs six industrial refurbishment facilities, called UpCenters, in New York, Los Angeles, Paris, Berlin, Mechelen, and Düsseldorf. Six more facilities are planned within the next two years, including one in Denver. By 2027, Upway aims to operate twelve UpCenters across Europe and North America, supporting a workforce of over 2,000 mechanics and operations specialists by 2030.
The new funding will support both industrial expansion and digital infrastructure. Upway also plans to introduce new services, including financing, insurance, maintenance, and subscription models, designed to make e-bike ownership more accessible. This growth strategy aligns with U.S. rebate programs in states like California and Colorado, as well as city-level bike infrastructure investments in New York and Minneapolis—efforts aimed at reducing transport emissions and supporting sustainable urban mobility.
Upway's business model is direct and transparent. The company buys used e-bikes, refurbishes them in-house to high industry standards, and sells them online with a one-year warranty and home delivery included. This fully integrated approach—from sourcing to final delivery—aims to provide quality, transparency, and peace of mind.
Customers can browse more than 200 brands and 2,500 models, which Upway claims is the most extensive selection in the market. With an average discount of 45% compared to retail prices, buyers save roughly $1,000 per bike. Each e-bike goes through a rigorous 50-point inspection by trained mechanics before being listed for sale.
Each refurbished e-bike has the potential to replace short car trips. Compared to cars, e-bikes cut CO₂ emissions by up to 90% per mile, helping cities like New York and Los Angeles address congestion and air quality issues. Upway's operations also prevent thousands of bikes from ending up in landfills each year, extending product lifecycles and contributing to a circular economy.
The health benefits are significant as well. Regular e-bike use can reduce the risk of heart attack by 40% for those riding 10 miles a day, according to available research. E-bikes also help combat obesity and air pollution, which together contribute to over 9 million premature deaths globally each year.
Beyond environmental and health impacts, Upway's expansion creates hundreds of skilled industrial jobs across Europe and North America. The company is positioning itself as part of a broader reindustrialization effort, providing opportunities for mechanics, operations specialists, and tech professionals.
"We founded Upway with a simple idea: light mobility can only be sustainable if it's circular," said Stéphane Ficaja and Toussaint Wattinne, co-founders of Upway. "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."
Chetan Mehta, Head of Growth Investing at A.P. Moller Holding, praised Upway's execution. "Upway's ability to industrialize second-hand e-bike refurbishment and deliver the highest level of customer trust globally truly sets them apart," he said. "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."
Saloni Multani, Founding Partner and Co-Head of the Innovation & Expansion Fund at Galvanize, highlighted the company's operational discipline. "Upway's founders have established a culture of speed, operational excellence, and purpose," she said. "Their ability to move fast, scale across markets, and execute with discipline is a testament to the strength of their vision and the team behind it."
Luciana Lixandru, Partner at Sequoia Capital, emphasized Upway's role in shaping the future of mobility. "Upway is not just responding to the future of mobility: it's actively designing it," she said. "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."
Upway was founded in 2021 and is headquartered in Paris. The company operates in nine markets and has already refurbished and sold more than 100,000 e-bikes. Its selection includes over 200 brands, all backed by a one-year warranty and delivered directly to customers. By 2030, Upway aims to refurbish and sell more than one million e-bikes annually while expanding its service ecosystem to include financing, insurance, maintenance, and subscription solutions.
The company's investor base includes A.P. Moller, Galvanize, Ora Global, and Sequoia Capital, among others.
