Upway, the Paris-based scaleup which sells refurbished e-bikes, has raised a $60m Series C, doubling the total it’s raised since launching in 2021 to $120m.
The Series C was led by Danish private equity fund AP Moller Holding, which Upway says pre-empted the round — meaning the investor made an offer before the company went to market to fundraise. Upway last raised a $30m Series B in 2023.
US investors Ora Global and Galvanize, which focuses on climate, also joined the round. So too did existing investors Sequoia Capital and Exor Ventures, as well as UK climate investor Transition and French VCs Korelya Capital and Origins.
The Series C valued Upway around $400m.
Upway’s fundraise comes as investor interest in climate tech significantly slows. Europe’s climate tech startups have raised €11.6bn in equity and debt funding this year to date, according to Sifted data, compared to nearly €26.5bn over the same period in 2024.
What does Upway do?
Upway, which was cofounded by former Uber execs Toussaint Wattine and Stéphane Ficaja, buys second-hand electric bikes from retailers, manufacturers and users and refurbishes them in its own warehouses before selling them to consumers with a one-year warranty. It also offers complementary services including insurance and maintenance.
The company says its catalogue includes over 200 brands and 2,500k models, with an average 45% discount on the original price. The company has refurbished and sold more than 100k bikes since it launched.
It operates in the US, Germany, France, the Netherlands, Spain, Italy, Belgium, Switzerland and Austria, and says it doubled sales in 2025, with gross merchandise value (GMV) reaching $200m. It has reached profitability in some of its European markets.
With the fresh funding, the company plans to open new refurbishing centres across Europe and North America, and expand its offering for complementary services on top of the bikes.
