E-Bike Refurbisher Upway Raises $30M in Series B Funding

The French startup plans to expand its U.S. operations, particularly on the West Coast, with the new funding.

Upway, a French startup that refurbishes and resells electric bikes, has raised $30 million in a Series B funding round led by Korelya Capital, bringing its total funding to $60 million.
The company, which launched in the U.S. earlier this year, plans to use the funding to expand its U.S. footprint, particularly on the West Coast where it will open a new warehouse.
Upway has already refurbished and sold over 20,000 e-bikes across France, Germany, the Netherlands, Belgium and the U.S., including over 2,000 e-bikes processed in its New York warehouse since launching there in March.
The e-bike market is expected to grow at a compound annual growth rate of 15.6% between now and 2030, up to $119.72 billion, according to a Fortune Business Insights report.
Upway's bikes go through a rigorous inspection process and come with a one-year warranty, and the platform provides a range of e-bike brands and vehicle types at up to a 60% discounted rate.