Refurbished e-bike platform Upway has raised $60 million in Series C funding to accelerate its international expansion and push forward its mission of making electric mobility more affordable and sustainable.
The round was led by A.P. Moller Holding, with participation from Galvanize, Ora Global, and existing investors Korelya Capital, Sequoia Capital, Exor Ventures, Transition, and Origins.
Founded in 2021 by Stéphane Ficaja and Toussaint Wattinne, Upway buys, refurbishes, and resells electric bikes that meet strict safety and performance standards. Each e-bike undergoes a 50-point inspection by trained mechanics before being sold online with a one-year warranty and home delivery. The company’s catalogue spans 200 brands and 2,500 models, typically priced around 45% below new, saving riders more than €1,000 per bike.
“We’ve built a strong industrial and technological foundation to give electric bikes a second life with the same quality and safety standards as new ones,” said Ficaja. “We want to prove that performance, impact, and sustainable profitability can go hand in hand.”
Building a global circular mobility platform
Upway has already refurbished and sold over 100,000 e-bikes and aims to put one million back on the road by 2030. The platform integrates financing, insurance, maintenance, and subscription options, designed to extend the lifespan of e-bikes while making sustainable transport accessible to a broader audience.
“Sustainable light mobility only works if it’s circular,” said Wattinne. “By reusing and refurbishing instead of producing new, we’re reducing waste, increasing accessibility, and making a real dent in urban emissions.”
Refurbished e-bikes represent one of the most effective ways to cut transport emissions — reducing CO₂ by up to 90% per kilometre compared to cars, keeping thousands of bikes out of landfills, and promoting healthier, cleaner cities.
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Expanding industrial and digital infrastructure
With the new capital, Upway plans to open additional UpCenters — its industrial refurbishment hubs — across Europe and North America, and expand its digital services for customers. The funding will also accelerate development of new offerings in financing, insurance, and maintenance, making it even easier for consumers to switch to e-bikes.
“We see Upway as a category-defining company in the circular mobility space,” said Antonio Avitabile, Managing Director at A.P. Moller Holding. “Their model combines sustainability, scale, and smart industrial execution — exactly what’s needed to make light electric transport mainstream.”
About Upway
Founded in 2021 in Paris, Upway is building the world’s leading platform for refurbished e-bikes, giving used electric bikes a second life through industrial reconditioning and quality assurance. By combining circular economy principles with digital convenience, Upway is making electric mobility affordable, sustainable, and accessible — helping replace cars with cleaner, healthier urban transport.
