Upway, a Paris-based company, secures €55.2 million in total capital with the €27.6 million series B round led by Korelya Capital. Upway’s most recent funding round is an up round that demonstrates the industry’s potential and will be utilised to expand the company’s wide range of consumer services and help it maintain its growth in both Europe and the US.
Toussaint Wattinne, CEO and Co-Founder of Upway said, “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, 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 Europe and across the globe.”
The company launched in the US less than a year after going on sale in Germany, which is currently the biggest e-bike market in Europe, and barely eighteen months after debuting in France.
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Paul Degueuse, Partner at Korelya Capital said, “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, 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.”
Upway is a company that aims to improve mobility and make it possible for riders to own a high-quality e-bike without breaking the bank. It is founded on the principles of accessibility, affordability, and sustainability.
This unique marketplace offers experienced and novice riders of electric bikes with a trustworthy one-stop shop for purchasing, selling, and learning about the different kinds of electric bikes.
Currently, Upway has operations in the United States, France, Germany, the Netherlands, and Belgium. This round of funding will help the company continue its rapid expansion on both sides of the Atlantic.
Upway has models in a number of categories, such as Road, Mountain, Cargo, City/Hybrid, and Folding. In addition, premium brands like Specialised, Cannondale, Gazelle, Riese & Müller, or Stromer are available in the market for electric bikes.
At Upway, they envision a society in which e-bikes are the norm and cars are the exception. Their goal is to decrease waste and hasten the adoption of e-bikes. For this reason, they are creating the biggest e-bike marketplace, lowering the cost of electric transportation, and revitalising millions of fantastic products.