Upway raises 30 million dollars in Series B financing

Upway on course for growth: With a Series B financing of 30 million dollars, the company aims to strengthen the German market for refurbished e-bikes and promote sustainable mobility worldwide.

Paris / Berlin, November 16, 2023 - Upway, a French company specializing in the refurbishment of e-bikes, successfully closes a Series B financing round of 30 million US dollars. The round is led by Korelya Capital, a renowned French investor in consumer brands such as Bolt, Vestiaire Collective and GetYourGuide. Other investors include Sequoia, Exor Ventures and the European climate fund Transition, which are supporting the company's sustainable growth.

Since its foundation, Upway has raised a total of 60 million dollars, including 5 million in the initial phase and 25 million in the previous financing round. The new investment will primarily go towards technology and services to facilitate the brokerage of older e-bike models to partners such as bike dealers, leasing companies and manufacturers. In addition, Upway plans to expand its German team and purchase high-quality equipment to increase the number of high-quality e-bike repairs.

2.2 million e-bikes sold in Germany in 2022

Germany, with 2.2 million new e-bikes sold last year, is the largest market for e-bikes in Europe. Berlin, as one of Upway's main centers, has overhauled more than 5,000 bikes since opening in summer 2022. This underlines the growing demand for environmentally friendly mobility solutions.

With the new funding, Upway plans to expand the German team and hire more mechanics, logistics staff and operations managers. In particular, the company is looking for a General Manager to lead the business in the German e-bike market. In addition, investments will be made in workshop equipment to refurbish a larger number of e-bikes to a consistently high quality.

We have shown that refurbishing electric bikes is a sustainable and profitable business opportunity. With this new financing, we can accelerate our growth and make an even greater contribution to more sustainable mobility.

Toussaint Wattinne, co-founder and CEO of Upway

The startup has remanufactured more than 20,000 e-bikes since its foundation. The company plans to invest in additional markets in 2024, including the construction of new workshops in Belgium and a second location in Los Angeles. Upway, active since July 2021, aims to promote sustainable mobility through affordable electric bikes. Its efforts are focused on reaching a wide range of people and reducing the environmental impact of the transportation sector.