Leading e-bike marketplace, Upway, has announced a significant milestone with a $30 million Series B investment led by Korelya Capital. This substantial funding brings Upway’s total funding to $60 million, following its $25-million Series A funding round in 2022, which was led by Sequoia Capital and Exor Ventures.
In this latest funding round, key participation also came from the European Climate Fund. The investment underscores Upway’s potential in the e-bike industry and will be instrumental in enhancing consumer offerings and expanding the brand’s presence, particularly on the West Coast of the United States.
Korelya Capital Backs Upway’s Vision
Paul Degueuse, Partner at Korelya Capital, highlighted the pivotal role of e-bikes in clean mobility, benefiting both urban and rural areas. Korelya Capital recognizes Upway as the emerging global category leader in a rapidly growing market. They are proud to support Upway’s visionary team as they drive the e-bike revolution forward.
Empowering Mobility with Accessibility and Sustainability
Upway’s mission revolves around accessibility, cost-effectiveness, and sustainability. They aim to provide riders with high-quality e-bikes without breaking the bank. This unique marketplace caters to both novice and experienced electric bike enthusiasts, offering a comprehensive platform for buying, selling, and educating about various types of e-bikes.
The Rise of E-Bikes: A Cleaner, More Efficient Way to Travel
E-bikes have gained significant popularity among Americans due to their potential to reduce an individual’s carbon footprint by approximately 750 kilograms annually. This trend is expected to grow at a compound annual growth rate (CAGR) of 13.5 percent from 2022 to 2030. Beyond environmental benefits, e-bikes offer time efficiency and economic advantages such as savings on gas expenses. Upway serves as a valuable resource for individuals interested in understanding the positive environmental impacts of electric mobility.
Upway’s Remarkable Growth
Toussaint Wattinne, CEO and Co-Founder of Upway, expressed excitement about the latest funding round, emphasizing the rise of e-bikes as an alternative mode of transportation. Despite economic challenges, Upway’s success continues to build, backed by investors like Korelya and Sequoia.
In just two years since its launch and a mere 18 months since entering the U.S. market, Upway has cultivated a highly engaged online community and witnessed sales growth exceeding 20% month over month. They have given a new lease of life to over 2000 e-bikes and plan to expand their footprint further, focusing on the West Coast with a new warehouse in the near future.
Supporting Better Mobility Worldwide
Luciana Lixandru, Partner at Sequoia, commended Upway’s journey from Europe to a successful U.S. launch and the company’s global expansion plans. Sequoia proudly supports Upway’s mission of sustainability, reliability, and improved mobility for all.
Continued Expansion for Upway
Currently, Upway operates in France, Germany, Netherlands, Belgium, and the United States, with this funding round fueling further expansion on both sides of the Atlantic. Upway offers a wide range of e-bike categories, including City/Hybrid, Road, Mountain, Cargo, and Folding, featuring models from renowned American brands like Specialized, Cannondale, and Rad Power. Customers can also explore international brands such as Gazelle, Riese & Müller, and Stromer, which have already proven their worth overseas.
Upway places a strong emphasis on quality and expertise. All their e-bikes undergo rigorous inspection, ensuring they are in excellent condition. Each certified e-bike comes with a one-year warranty, including a guarantee for major components, offering customers peace of mind and confidence in their choice.
- Upway secures a $30 million Series B investment led by Korelya Capital, bringing total funding to $60 million.
- The e-bike marketplace focuses on affordability, sustainability, and accessibility, providing a one-stop shop for e-bike enthusiasts.
- E-bikes offer environmental benefits and cost savings, with a projected growth rate of 13.5% from 2022 to 2030.
- Upway has seen rapid growth in the U.S., plans to expand to the West Coast, and continues to attract a dedicated online community.
- Sequoia Capital supports Upway’s mission of sustainability and mobility.
- Upway operates in multiple European countries and the U.S., with plans for further global expansion.
- Quality and expertise are paramount, with certified e-bikes and one-year warranties.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.