Upway raises $60M to refurbish 1 million e-bikes by 2030
Paris-based Upway, a platform specializing in refurbished e-bikes, has secured $60 million in Series C funding, led by A.P. Moller Holding. This investment signals growing confidence in the circular economy and sustainable mobility, aiming to extend the lifespan of e-bikes and make them more accessible. The company's goal is to refurbish and sell one million e-bikes by 2030. Upway, founded in 2021, already has a strong track record, having refurbished and sold over 100,000 e-bikes. The platform operates internationally, utilizing proprietary technology and industrial expertise to buy, refurbish, and resell e-bikes with a one-year warranty. These bikes, spanning over 200 brands and 2,500 models, are sold at approximately 45% below the price of new ones. This funding will enable Upway to accelerate its industrial and digital expansion, opening new UpCenters across Europe and North America. The move will support a circular economy model and reduce environmental impact by keeping bikes out of landfills. The platform's expansion also includes the rollout of new digital services, such as financing, insurance, maintenance, and subscription options. By offering a more affordable and sustainable alternative, Upway is positioned to contribute to the growth of sustainable mobility. The company's focus on extending the life of e-bikes aligns with broader European initiatives promoting environmental sustainability and circular economy practices within the digital sector.
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