France-based Upway, which buys, refurbishes and sells electric bicycles (e-bikes), has raised $30 million U.S. in a series B funding round.
The round was led by Kolyea Capital, with existing investors Sequoia Capital and Exor Ventures also participating, alongside the European Climate Fund Transition. This brings the company’s total funding to date to $60 million.
Founded by Toussaint Wattinne (the company’s CEO) and Stéphane Ficaja — both of whom previously worked for Uber — in 2021, UpWay operates in France, Germany, Benelux and, since March this year, the U.S. — where it is mainly focused on the east coast. According to the company, it has sold a total of 20,000 e-bikes to date.
“All their e-bikes go through a rigorous inspection process, making sure each one is as close to new as possible. Once certified, Upway extends a one-year warranty for each of their products,” according to a press release from the company.
The Paris-headquartered company said it intends to use this funding to hire additional tech talent, expand to the U.S. west coast and open a new warehouse in Belgium. It also plans to double the size of its existing warehouse in the Paris suburb of Gennevilliers.
“With more than a million new electric bikes sold in 2022, the United States represents a colossal market with strong growth in which we want to be a key player with a strong reputation among American players,” Wattinne continued.
“We aim to sell more than one million reconditioned electric bikes per year in five to ten years … We want to create better tools for our consumers on the site but also for professionals, who have a dedicated platform. We are also developing tools for our operational teams since we record each step; the data collected makes us more and more efficient,” told media.
According to the company’s press release, “In the U.S. alone, the brand has grown their sales >20% month over month, effectively doubling business every quarter.”