Upway Accelerates Growth with $30M Funding Round at Higher Valuation
Upway, the Paris-based refurbished e-bike marketplace that recently expanded to the U.S., has raised $30 million in a Series B funding round led by Korelya Capital. The investment comes at a higher valuation than its previous round—a notable achievement in today’s conservative funding climate.
Key Highlights:
- Total funding now at $60M (valuation undisclosed)
- 20,000+ e-bikes refurbished and sold across 5 countries
- U.S. expansion underway with 2,000+ bikes processed in NYC since March 2023
- New LA warehouse planned for 2024 to serve West Coast customers
Why Investors Are Betting on Upway
“E-bikes represent a pivotal shift toward clean mobility,” said Korelya Capital partner Paul Degueuse. “Upway’s circular economy model positions them as the emerging global leader in refurbished e-bikes.”
Market data supports this optimism:
- Projected 15.6% CAGR for e-bikes through 2030 (Fortune Business Insights)
- $119.72B market potential by 2030
- Growing demand for trusted secondary markets
The Upway Advantage
Unlike random private sales on Craigslist or Facebook Marketplace, Upway offers:
✅ Rigorous 300-point inspections ✅ 1-year comprehensive warranty ✅ 60% discounts vs. new bikes ✅ Premium brands including Specialized, Cannondale, and Rad Power ✅ Multiple bike types (city, road, mountain, cargo, folding)
Strategic Expansion Plans
CEO Toussaint Wattinne emphasized the company’s disciplined growth:
“Our financial discipline and execution speed have created a business with strong unit economics. This funding will help us:
- Expand U.S. operations with a new LA facility
- Improve delivery times via dual-coast logistics
- Scale refurbishment capacity to meet growing demand”
With its proven model and fresh capital, Upway is positioned to dominate the refurbished e-bike market as sustainable transportation gains global momentum.
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