Upway is an innovative company in the e-bike marketplace, specializing in the refurbishment and resale of electric bikes. Founded in 2021 and headquartered in Paris, France, Upway has made significant strides in the e-bike industry. Toussaint Wattinne, the CEO and co-founder of Upway, along with co-founder Stéphane Ficaja, have backgrounds in leading roles at Uber Eats, bringing their expertise in tech-driven business models to the e-bike industry.
The company is notable for refurbishing and certifying a vast array of electric bikes, offering customers a wide selection of over 400 brands. As of March 2023, Upway had refurbished and certified more than 20,000 electric bikes, showcasing its commitment to providing quality and sustainable transportation options.
The company has successfully expanded its services beyond France, with availability in Belgium, Germany, the Netherlands, and the United States. This expansion is a testament to the growing demand for sustainable and affordable mobility solutions. Upway's approach to e-bike sales centers around a seamless ordering and delivery process, ensuring that the bikes and their batteries are of high quality and safe for use. This business model has attracted notable investors like Sequoia Capital, Global Founders Capital, Exor Seeds, and Origins, contributing to Upway's impressive total funding of $60.6 million.
Highlights
🚲 Upway, a company specializing in selling refurbished electric bikes, has successfully raised over $30 million in Series B funding.
🌍 Founded in 2021 and based in Paris, Upway has expanded to Belgium, Germany, the Netherlands, and the United States.
🔄 They have refurbished over 20,000 electric bikes from more than 400 brands, offering up to 35% discount compared to new bikes.
🛠️ Upway's business model focuses on rebuilding trust in the used ebike market by refurbishing bikes to a high standard and offering a one-year warranty.
📈 Despite initial skepticism, the market demand for used ebikes has been strong, with Upway receiving high customer satisfaction ratings.
🤝 Upway collaborates with over 1500 retailers and ebike dealers, using trading software for customer trade-ins and managing returns for D2C manufacturers.
📊 The business mix varies by region, with a significant portion of sourcing in Europe coming from dealers, while in the US, direct consumer purchases and manufacturer returns play a larger role.
