Investment cements Upway as the top certified electric bike provider in the United States following their launch earlier this year
Upway, announced a $30 million Series B investment led by Korelya Capital bringing the brand’s total funding to $60 million. In 2022, Upway closed a $25-million Series A funding round led by Sequoia Capital and Exor Ventures, who also participated in this round alongside the European Climate Fund Transition. Upway’s latest round of funding is an up round, proving the potential for the industry, and will be used to further Upway’s extensive consumer offerings as well as supporting the brand’s continued growth in the United States, specifically to the West Coast.
“E-Bikes rapid penetration represents a pivotal shift towards clean mobility, benefiting both urban and rural areas. We foresee that a streamlined, circular, and affordable ecosystem would propel this market’s growth and magnify its positive impact,” said Paul Degueuse, Partner at Korelya Capital. “In such a fast-growing market and with tens of thousands of refurbished e-bikes already sold, Upway stands out as the emerging global category leader. We are proud to back Upway and its visionary team leading the charge of this revolution.”
Pillared on accessibility, cost effectiveness and sustainability, Upway is on a mission to improve mobility and enable riders to get in the saddle without overpaying for a high-quality e-bike. The first-of-its-kind marketplace offers new and veteran electric bike riders a trusted one-stop-shop to buying, selling, and educating about the various types of electric bikes.
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E-bikes have become a leading transportation choice for many Americans, with the potential to decrease a person’s carbon footprint by about 750 kilograms per year, expected to expand at a compound annual growth rate (CAGR) of 13.5 percent from 2022 to 2030. Not only do e-bikes help with carbon emissions, but they offer time efficiency and economic benefits such as saving on gas prices. Whether riders are buying or selling, Upway acts as a resource to learn more about the positive environmental impacts of electric mobility.
“Since our launch two years ago and our U.S. launch this March, we have been on a continuous mission to provide our customers with an unparalleled selection of certified electric bikes from leading brands,” said Toussaint Wattinne, CEO and Co-Founder of Upway. “We are excited to announce this latest round of funding, amidst a tough economic market, proving the rise of e-bikes as an alternative transportation method. We’re incredibly lucky to have partnered with investors like Korelya and Sequoia who believe in us. 2023 was a very important year for us and looking ahead to 2024, we will continue to be the leading e-bike marketplace, furthering our presence in the United States and across the globe.”
Since the company’s launch in the United States, Upway has rapidly attracted a highly engaged online community. The brand launched here just 18 months after their first launch in France, and less than 12 months after their launch in Germany – which is currently Europe’s largest e-bike market. In the U.S. alone, the brand has grown their sales >20% month over month, effectively doubling business every quarter in addition to processing and giving a new life to more than 2000 e-bikes. With a dedicated community of consumers who know and love the brand, Upway is setting its sights on the West Coast, aiming to expand its U.S. footprint with a new warehouse in the coming year.
“The Upway team have built on their incredible momentum in Europe to successfully launch in the U.S. as they take the marketplace global,” said Luciana Lixandru, Partner at Sequoia. “We’re proud to support their mission of sustainability, reliability and better mobility for all.”
Upway currently operates in France, Germany, Netherlands, Belgium, and the U.S., with this round supporting the brand’s continued fast expansion on both sides of the Atlantic. Upway delivers across the continental U.S. and carries models across several categories including City/Hybrid, Road, Mountain, Cargo, and Folding. The marketplace also features electric bikes from top tier American brands like Specialized, Cannondale, and Rad Power and allows customers to discover brands like Gazelle, Riese & Müller or Stromer that have already proven their value overseas.
Upway sets the handlebars high on quality and expertise. 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, with the major components also guaranteed for one year confident that customers have made a choice they won’t backpedal on.
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