Upway Secures $60 Million Series C to Accelerate U.S. Growth and Build the Future of Circular Mobility

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Nov 06, 2025, 08:07 ET

Upway Targets 1 Million Refurbished E-Bikes by 2030

NEW YORK, Nov. 6, 2025 /PRNewswire/ -- Upway, the global leader in professionally refurbished e-bikes, today announced the closing of its $60 million Series C funding round, led by A.P. Moller with participation from U.S.-based Galvanize and Ora Global, and continued support from Sequoia Capital and other global investors. This new round brings total funding to over $125 million since its founding in 2021 and marks a new stage in Upway's mission: giving e-bikes a second life and riders a first choice. With this funding, Upway is doubling down on U.S. growth, expanding operations, creating jobs, and building the backbone for circular mobility.

A refurbished e-bike being lifted and prepared for packaging inside an Upway UpCenter, where mechanics inspect and ready bikes for shipment.

Building Industrial-Scale Infrastructure for Sustainable Mobility

Upway's ambition is to create the world's largest circular mobility network, globally and in the U.S., targeting one million refurbished e-bikes by 2030. Since launch, the company has refurbished and sold more than 100,000 e-bikes. Global sales doubled in 2025 versus 2024, and U.S. sales have accelerated at the same pace, on track to double again in 2026.

Operating across nine countries (France, Germany, Netherlands, Belgium, Switzerland, Austria, Italy, Spain, and the United States), Upway runs six industrial refurbishment centers called UpCenters in New York, Los Angeles, Paris, Berlin, Mechelen, and Düsseldorf. Six additional facilities, including Denver, will open within two years as part of a plan to reach twelve UpCenters across Europe and North America by 2027. This will support a network that will employ over 2,000 mechanics and operations specialists by 2030.

This new funding will accelerate Upway's growth by expanding its industrial and digital capabilities. It will also support the rollout of new service including financing, insurance, maintenance, and subscription options, designed to make e-bike ownership more accessible and seamless. This growth aligns with U.S. rebate programs in states like California and Colorado and supports city-level investments in bike infrastructure in New York and Minneapolis, critical steps toward reducing transport emissions and advancing sustainable urban mobility.

Reinventing the E-Bike Experience for Everyone

Upway's model is straightforward and tangible. The company buys used e-bikes, refurbishes them in-house to the highest industry standards, and sells them online with a one-year warranty and home delivery. This fully integrated approach, from sourcing to delivery, ensures quality, transparency, and peace of mind at every step.

Customers can choose from more than 200 brands and 2,500 models, making Upway the most extensive assortment in the market. With an average discount of 45% versus retail price, buyers save an average of $1,000 per bike, making light electric mobility accessible to more Americans. Each e-bike undergoes a rigorous 50-point inspection by expert mechanics before they are listed for sale.

Accelerating the Shift to Sustainable Cities and Lifestyles

Each refurbished e-bike replaces short car trips, cutting CO₂ emissions by up to 90% per mile compared to cars, while helping cities like New York and Los Angeles tackle congestion and air quality challenges. Upway's operations prevent thousands of bikes from ending up in landfills every year, extending product lifecycles and supporting the transition to a true circular economy.

Beyond environmental benefits, e-bikes contribute to improved public health and quality of life: regular e-bike use can reduce the risk of heart attack by 40% for those riding 10 miles a day, and helps address issues such as obesity and air pollution, which contribute to over 9 million premature deaths globally each year.

Upway's impact is also social and economic. By creating hundreds of skilled industrial jobs across Europe and North America, the company supports reindustrialization and provides new opportunities for mechanics, operations specialists, and tech talent.

"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."

— Stéphane Ficaja and Toussaint Wattinne, Co-founders of Upway

"Upway's ability to industrialize 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."

— Chetan Mehta, Head of Growth Investing at A.P. Moller Holding

"Upway's founders have established a culture of speed, operational excellence, and purpose. 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."

— Saloni Multani, Founding Partner and Co-Head Innovation & Expansion Fund at Galvanize

"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."

— Luciana Lixandru, Partner at Sequoia Capital

About Upway

Upway is the leading international platform for professionally refurbished e-bikes. Founded in 2021 and headquartered in Paris, Upway operates in nine markets including France, Germany, the Netherlands, Belgium, Switzerland, Austria, Italy, Spain and the United States. Upway's mission is to make sustainable mobility accessible to all by giving e-bikes a second life and riders a first choice. This ambition combines industrial-grade refurbishment, proprietary technology and a deep commitment to the circular economy.

Upway has already refurbished and sold more than 100,000 e-bikes and offers a selection of over 200 brands, all covered by a one-year warranty and delivered through a seamless customer experience. By 2030, the company 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.

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