French e-bike refurbisher Upway has raised $60 million in Series C funding to boost its mission to give e-bikes a second life and make sustainable mobility affordable. The round, led by A.P. Moller Holding with participation from Galvanize, Ora Global, Sequoia Capital, and others. This round brings Upway’s total funding to over $125 million and its valuation to $400 million.
With its latest funding, Upway plans to expand digital services, including financing, insurance, maintenance, and subscription options, making ownership more flexible. This approach aligns perfectly with new bike rebate programs in U.S. states like California and Colorado and the growing investments in urban cycling infrastructure worldwide.
Scales circular mobility across continents
Upway’s ambition is to refurbish one million e-bikes by 2030. Since its launch, the company has already refurbished and sold over 100,000 e-bikes across nine countries, including the U.S., France, Germany, and the Netherlands. Operating through its six UpCenters in New York, Los Angeles, Paris, Berlin, Düsseldorf, and Antwerp, the company plans to double its industrial hubs to twelve within two years.
These centres act as the backbone of a growing circular mobility network, employing expert mechanics and technicians who ensure each bike meets strict quality standards. By 2030, Upway expects to employ more than 2,000 specialists, supporting its global push to make refurbished e-bikes mainstream.
Redefines the e-bike ownership experience
Upway, founded by Stéphane Ficaja and Toussaint Wattinne, former executives from Uber in 2021, buys used e-bikes, refurbishes them in-house, and sells them online with a one-year warranty and home delivery. Buyers can choose from 200+ brands and 2,500 models, typically at 45% less than retail prices. Each bike goes through a meticulous 50-point inspection, ensuring quality and reliability that rivals new products.
Drives the transition to greener, smarter cities
Beyond affordability, Upway’s model delivers deep environmental and social impact. Each refurbished e-bike replaces short car trips, cutting CO₂ emissions by up to 90% per mile. The company also prevents thousands of used bikes from ending up in landfills, extending their lifespan and reinforcing the circular economy.
E-bikes not only help cities tackle pollution and congestion but also promote better public health, with studies showing regular riders can lower heart disease risk by nearly 40%. Meanwhile, Upway’s expansion supports industrial job creation across Europe and North America, blending sustainability with economic opportunity.
“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,” said Stéphane Ficaja and Toussaint Wattinne, Co-founders of Upway
“Upway’s ability to industrialise 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,” stated 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,” added 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,” added Luciana Lixandru, Partner at Sequoia Capital
