Upway raises €55M Series B for second-hand e-bike marketplace

Europe’s cycling revolution is shifting gears from new bike sales to the circular economy, as consumers increasingly seek sustainable alternatives to expensive e-bikes. Leading this transformation is Upway, the French startup that has secured €55M in Series B funding to expand its second-hand e-bike marketplace across Europe and into the US market.

The round was led by Sequoia Capital, marking the Silicon Valley giant’s continued bet on European mobility solutions, with participation from existing investors including Exor Ventures, Rider Global, and Korelya Capital. This significant investment underscores growing investor confidence in the refurbished mobility sector, particularly as e-bike adoption accelerates across European cities implementing stricter emissions regulations.

Sequoia Capital leads second-hand e-bike funding

Sequoia’s decision to lead Upway’s Series B reflects a broader strategic shift among top-tier VCs toward sustainable mobility solutions in Europe. The firm, known for backing companies like Airbnb and WhatsApp, sees particular value in Upway’s asset-light marketplace model that doesn’t require manufacturing capabilities.

“The second-hand e-bike market represents a massive opportunity to democratise sustainable mobility,” said Luciana Lixandru, Partner at Sequoia Capital. “Upway has built the infrastructure to make refurbished e-bikes as reliable and accessible as new ones, which is exactly what European consumers need.”

The funding comes as European e-bike sales reached 5.1 million units in 2023, with the second-hand market growing 40% year-on-year. Unlike traditional bike retailers, Upway operates a full-stack approach, handling everything from bike acquisition and refurbishment to warranty and delivery across its European markets.

European expansion drives marketplace growth

Founded in 2021 by Toussaint Wattinne and Stéphane Ficaja, Upway has already established operations in France, Germany, Belgium, and the Netherlands, processing over 15,000 refurbished e-bikes annually. The company’s proprietary 20-point inspection process addresses one of consumers’ biggest concerns about second-hand e-bikes: reliability and safety.

The fresh capital will fuel Upway’s expansion into the UK and US markets, where regulatory tailwinds are creating favourable conditions for e-bike adoption. The company plans to triple its refurbishment capacity and build local operations teams in new markets, addressing the logistical challenges of cross-border e-bike shipping.

“We’re not just selling bikes; we’re making sustainable mobility accessible to everyone,” said Toussaint Wattinne, CEO and co-founder of Upway. “Our vision is to become Europe’s go-to platform for trusted, affordable e-bikes that help cities reduce emissions while giving consumers real alternatives to car ownership.”

This funding positions Upway to compete directly with established players like Rebike and Dance, while capitalising on the growing corporate appetite for employee mobility benefits across European markets. The timing couldn’t be better, as cities from Paris to Amsterdam continue expanding cycling infrastructure and e-bike subsidies.