Upway has raised $60 million in a Series C funding round to rapidly expand its industrial refurbishment network and advance its mission of making sustainable mobility widely accessible. The round was led by A.P. Moller with participation from Galvanize and Ora Global, alongside continued support from Sequoia Capital and other existing investors. The new investment brings Upway’s total funding to over $125 million since its founding in 2021.
Headquartered in Paris and operating across nine markets, Upway refurbishes and sells used e-bikes that are restored to professional-grade standards. The company has already refurbished over 100,000 e-bikes and aims to reach one million refurbished units annually by 2030. Sales doubled globally in 2025 compared to 2024, with U.S. sales accelerating at the same pace and projected to double again in 2026. Upway currently operates six refurbishment facilities, known as UpCenters, located in New York, Los Angeles, Paris, Berlin, Mechelen, and Düsseldorf. Six additional UpCenters, including one in Denver, are scheduled to open within two years, putting the company on track to operate twelve sites across Europe and North America by 2027.
The Series C funding will support the expansion of Upway’s operations and workforce, with plans to employ more than 2,000 mechanics and operations specialists by 2030. It will also enable the company to introduce integrated services, including financing, insurance, maintenance and subscription offerings. These options aim to make owning or accessing an e-bike easier and more affordable, aligning with U.S. rebate programs in states such as California and Colorado, and supporting city-level investments in cycling infrastructure in markets like New York and Minneapolis.
Upway’s approach integrates the full lifecycle of the e-bike. The company buys used e-bikes, refurbishes them to industry specifications, and sells them online with a one-year warranty and home delivery. Its catalog includes over 200 brands and 2,500 models, with pricing that averages about 45% below original retail value. Each bike undergoes a 50-point inspection to ensure safety and optimal performance.
The company’s model directly contributes to emissions reduction and waste prevention by keeping bikes out of landfills and encouraging fewer short-distance car trips. It also supports public health, as studies have shown that regular e-bike use can reduce cardiovascular risk and contribute to improved air quality in urban environments. Beyond its environmental impact, Upway’s expansion is expected to create skilled jobs across various industrial operations, logistics, and technology sectors.
KEY QUOTES
“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
