French e-bike refurbisher and reseller Upway has secured $30 million in Series B funding at a higher valuation than its previous round. The investment, led by Korelya Capital, brings Upway’s total funding to $60 million.
A Growing Market for E-Bikes
The e-bike market is experiencing rapid growth, with a compound annual growth rate of 15.6% between now and 2030, reaching $119.72 billion, according to Fortune Business Insights. As e-bike adoption increases, a secondary market for used bikes will inevitably follow. While many companies are shipping new e-bikes, few have established themselves as reputable marketplaces for used bikes.
Upway’s Unique Value Proposition
Upway offers customers a seamless ordering and delivery process, coupled with the assurance that their refurbished e-bikes meet high quality and safety standards. The company’s rigorous inspection process and one-year warranty set it apart from other online marketplaces. Upway also provides a range of e-bike brands and vehicle types at discounted rates, up to 60% off.
Rapid Expansion and Growth
Since its seed round in 2021, Upway has expanded beyond France into Germany, the Netherlands, Belgium, and the United States. The company has refurbished and sold over 20,000 e-bikes across these countries, including more than 2,000 processed in Upway’s New York warehouse since launching there in March.
Investors Take Note
Upway’s investors, including Sequoia Capital, are likely taking notice of the startup’s rapid expansion. The company’s speed of execution and financial discipline have translated into a fast-growing business with healthy unit economics, building trust in its long-term trajectory.
Plans for Further Expansion
With the new funding, Upway intends to expand further in the United States. CEO and co-founder Toussaint Wattinne stated that the company plans to launch a new warehouse in Los Angeles in 2024. This will enable Upway to receive, service, and ship e-bikes from both coasts, providing customers with quick delivery and distributing workload among mechanics and team members.
A Bright Future for Upway
The e-bike market’s growth potential is vast, and Upway is poised to capitalize on this trend. With its unique value proposition, rapid expansion, and strategic plans for further growth, the company is well-positioned to become a leading player in the global e-bike market.
A Look Ahead
As the e-bike market continues to grow, it will be interesting to see how Upway and other companies navigate this emerging trend. With its focus on sustainability, affordability, and customer satisfaction, Upway is well-positioned to corner the market for used e-bikes.
Topics
- E-bikes
- France
- Korelya Capital
- Transportation
- United States
- Upway
About the Author
Rebecca Bellan is a senior reporter at TechCrunch, covering transportation and related topics. She has previously written for Forbes.com, Bloomberg CityLab, The Atlantic, and other publications.
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