#United States #New York #e-bikes #Upway #circular mobility

Upway's Journey: Securing $60 Million for Sustainable Growth

Upway, the leading global platform for professionally refurbished e-bikes, has just secured an impressive $60 million in its Series C funding round, aiming to accelerate its growth in the U.S. market. Led by the esteemed A.P. Moller, this round attracted participation from U.S.-based investors Galvanize and Ora Global, alongside continued support from Sequoia Capital and other international backers. This fresh infusion brings Upway's total funding to over $125 million since its inception in 2021, marking a pivotal point in Upway's mission to give e-bikes a second lease on life and provide riders with an eco-friendly alternative.

Expanding Horizons: The Vision for a Circular Mobility Network

Upway has set its sights on a tremendous goal: to create the world's largest circular mobility network by refurbishing and selling one million e-bikes by 2030. Since starting operations, the company has successfully refurbished and sold over 100,000 e-bikes, with global sales doubling in 2025 compared to the previous year. U.S. sales have mirrored this growth trajectory, with similar projections for 2026.

To support this ambitious target, Upway operates across nine countries, including France, Germany, the Netherlands, Belgium, Switzerland, Austria, Italy, Spain, and the United States. With a network of six industrial refurbishment centers, also known as UpCenters, located in key cities like New York, Los Angeles, Paris, and Berlin, the company is set to open six more, including one in Denver, within the next two years. This expansion will lead to the establishment of twelve UpCenters throughout Europe and North America by 2027, creating over 2,000 jobs for mechanics and operations specialists by 2030.

Investing in Sustainable Urban Mobility

The latest funding will not only facilitate Upway's physical growth but also enhance its digital and industrial capabilities. This includes new service offerings such as financing, insurance, maintenance, and subscription options, making e-bike ownership more approachable for a broader audience. This growth strategy perfectly aligns with existing U.S. rebate programs in states like California and Colorado, as well as city-level investments in bike infrastructure in metropolitan areas like New York and Minneapolis. Such initiatives are crucial for mitigating transport emissions and promoting sustainable urban mobility.

A Holistic Approach to E-Bike Sales

Upway's operational model is straightforward and reassuring for customers. They purchase used e-bikes, refurbish them to the highest industry standards, and sell them online with a comprehensive one-year warranty along with home delivery. This integrated process—from sourcing to delivery—provides customers with quality assurance, transparency, and peace of mind.

Offering a selection of over 200 brands and 2,500 models, Upway provides the most extensive range in the refurbished e-bike market, allowing customers to enjoy an average discount of 45% off the retail price, resulting in average savings of $1,000 per purchase. Each bike undergoes a stringent 50-point inspection by proficient mechanics before it is made available for sale.

Reducing CO₂ Emissions and Contributing to Public Health

The utilization of refurbished e-bikes can mitigate short car trips significantly, resulting in a reduction of CO₂ emissions by up to 90% per mile compared to driving. This contribution plays a vital role in helping cities like New York and Los Angeles address congestion and air quality concerns. Furthermore, Upway's refurbishment processes prevent thousands of bicycles from being discarded, extending product lifecycles and promoting a true circular economy.

Beyond environmental benefits, there are also social impacts associated with e-bike usage. Regular riding can lower the risk of heart attacks by 40% for individuals cycling ten miles a day and assist in addressing issues of obesity and air pollution, which together claim over 9 million lives each year globally.

Economic Opportunities and Job Creation

As Upway continues to grow, the company estimates creating hundreds of skilled jobs across Europe and North America, thus supporting reindustrialization and offering new pathways for mechanics, operations specialists, and tech professionals. Co-founders Stéphane Ficaja and Toussaint Wattinne express that the philosophy behind Upway is simple but profound: sustainable mobility can only be achieved through circularity. The recent capital will help scale this vision, establishing that second-hand options can indeed be the first choice for countless riders, aligning purpose with performance.

Conclusion

Upway's innovative model stands out in the mobility sector, thanks to its focus on trust and operational excellence. Their commitment to quality refurbishment and customer-centric service positions them as a reference point in the emerging field of circular mobility. With a keen vision for the future, Upway is not merely responding to the evolving landscape of transportation but actively shaping it, serving a growing public demand for sustainable, reliable, and affordable mobility solutions.

The company is positioned not just to succeed in financial terms but also to make a substantial societal impact, demonstrating how the right business model can intertwine sustainability with economic growth effectively.