E-bike Refurbisher Upway Raises $60M In Funding

Upway, a leading e-bike refurbishing company that began in 2021, has just raised $60 million in a Series C funding round, bringing its total funding to over $125 million. The latest funding round will be used for multiple endeavors. One that really stood out is that it will create over 2,000 jobs.

Another is that new e-bikes are expensive for some folks, so bringing used ones back to life and offering them at more affordable prices can serve these prospective buyers.

Upway co‑founder Stéphane Ficaja generously answered some questions for CleanTechnica.

What does Upway do and what will the $60M Series C funding be used for? 

Upway gives used e-bikes a second life and riders a choice. The $60M Series C will fund U.S. expansion, job creation, and make e-bikes more accessible through financing, insurance, maintenance, and subscriptions. Light mobility only works if it’s circular, so we’re building the infrastructure to ensure refurbished bikes meet the same quality and safety standards as new ones. 

How large is the global refurbished e-bike market?

The global refurbished e-bike market was valued at about $5 billion in 2024 and is projected to reach $12-13 billion by 2034. That growth is a major opportunity for us to lead the shift toward circular mobility, meet the rising demand for affordable, sustainable mobility, and set new standards for quality and safety in refurbished e-bikes. 

What is the average price of a refurbished e-bike and how much cheaper is it compared to new? 

On average, our e-bikes at Upway are 45% less than retail price, saving buyers about $1,000 per bike. That price difference makes electric mobility far more accessible for riders who want quality without the premium price tag. Every bike is refurbished to meet strict safety and performance standards, so customers get the same reliability as new while reducing waste and supporting a circular economy. 

How many e-bikes has Upway refurbished and sold?

Since launch, Upway has refurbished and sold more than 100,000 e-bikes worldwide and we’re just getting started. By 2030, we will refurbish one million e-bikes, proving performance, impact, and profitability can go hand in hand.  

Where does Upway operate?

As of now, we’re in nine countries: France, Germany, Netherlands, Belgium, Switzerland, Austria, Italy, Spain, and the United States. We currently run six UpCenters, our industrial refurbishment hubs, in New York, Los Angeles, Paris, Berlin, Mechelen, and Düsseldorf. We have plans to open six more by 2027, including one in Denver. 

How can someone buy a refurbished e-bike from Upway?

Customers can purchase e-bikes online at www.upway.co, and select from more than 200 brands and 2,500 models. Each e-bike is refurbished in-house, passes a rigorous 50-point inspection, and comes with a one-year warranty and home delivery. 

How many more e-bikes will Upway refurbish?

We are aiming high. By 2030, Upway will refurbish and sell more than one million e-bikes annually, providing even more riders with access to affordable and sustainable mobility.