Sequoia-backed Upway, an e-bike marketplace, raised another $30M

Upway, the French startup known for refurbishing and reselling electric bikes, has recently launched in the U.S. and is now backed by an impressive $30M Series B funding round.

• Funding Details: This round, led by Korelya Capital, comes at a higher valuation than previous rounds, signaling a robust and compelling business model despite the current market trend of falling valuations.

• Valuation Numbers: While Upway has not disclosed its new valuation, this latest investment pushes its total funding to a hearty $60M. Previous funding rounds saw the participation of Sequoia, Exor Ventures and Transition.

• E-bikes on the Rise: The rapid penetration of e-bikes signifies a transformative shift towards sustainable mobility, beneficial for both urban and rural areas. The e-bike market is projected to grow at a CAGR of 15.6% from now until 2030, reaching a staggering $119.72B.

• Unique Offering: Upway offers its customers an outstanding one-year warranty, a seamless ordering and delivery process, and the assurance of high-quality, safe bikes. They showcase an array of e-bike brands such as Specialized, Cannondale, and Rad Power, across various vehicle types, including city/hybrid, road, mountain, cargo, and folding, at up to 60% discount.

• Growth: The company has seen rapid expansion since its seed round in 2021, extending beyond France to Germany, the Netherlands, Belgium, and now, the U.S. Over 20,000 e-bikes have been refurbished and sold across these countries, including more than 2,000 e-bikes processed in Upway's New York warehouse since its U.S. launch in March.

The new funding will allow Upway to expand its operations in the U.S. further and is planning to launch a new warehouse in Los Angeles in 2024. This move will allow quick delivery to both coasts and evenly distribute the workload among Upway's mechanics and team, providing a better customer experience.