Upway lands $25 million to sell more refurbished electric bikes
- ByStartupStory | June 1, 2022
Founded in 2021 by Toussaint Wattinne and Stephane Ficaja, former Uber and Uber Eats executives in Europe and North America, raising $ 25 million in a Series A round led by Exor Seeds and Sequoia Capital. The company sells used electric bicycles that have been refurbished and are ready to ride.
In many ways, Upway is reminiscent of the online car market. The startup offers a seamless experience for buyers who want to buy an electric bike but don’t want to pay the full price for a new bike.
Behind the scenes, Upway buys electric bikes from both consumers and businesses. The team will take these bikes to the warehouse, inspect them, and in some cases repair them and post them on their website. Of course, Upway tries to get a small margin on every sale.
Origins will be joining Exor Seeds and Sequoia Capital in today’s round. Origins is a venture capital firm backed by many professional soccer players such as Blaze Matudi, Olivier Giroud, Engolocante and Antoine Dupont (rugby player).
Existing investor Global Founders Capital will reinvest in the startup. Also part of this group is Henri Moissinac, co-founder and CEO of micromobility startup Dott. The
startup is currently active in its native France and Belgium. Bicycles are sent directly to customers from the same warehouse in Jenneville, near Paris. But the company is already thinking about the next step.
The Upway will soon open up markets in Germany, the Netherlands, and the United States. By the end of 2022, the company will have three different warehouses.
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