Upway, a NYC-based e-bike marketplace, raised $30M in Series B funding.
The round, which brought the total amount to $60M, was led by Korelya Capital. In 2022, Upway closed a $25M Series A funding round led by Sequoia Capital and Exor Ventures, who also participated in this round alongside the European Climate Fund Transition.
The company intends to use the funds to expand its consumer offerings as well as support the brand’s continued growth in the United States, specifically to the West Coast.
Founded in 2021 by Toussaint Wattinne and Stéphane Ficaja, Upway delivers electric bikes directly to homes, after a certification process by a team of professional mechanics. It offers consumers the opportunity to purchase a used electric bike under a one-year warranty – and carries models across several categories including City/Hybrid, Road, Mountain, Cargo, and Folding. The marketplace also features electric bikes from top tier American brands like Specialized, Cannondale, and Rad Power and allows customers to discover brands like Gazelle, Riese & Müller or Stromer that have already proven their value overseas. Currently, the certified electric bikes are sold via the company’s own online store with free 14 day return, and are delivered to homes in France, Belgium, Netherlands, Germany, and the United States.
FinSMEs
16/11/2023