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- Upway
Upway Valuation, Funding & Investors
Upway is valued at $400M as of November 2025.
Last Upway valuation
$400M
Series C · Nov 2025
Last Upway funding round
$45M
Series C · Nov 2025
Cumulative funding Upway raised
$106M
across 4 funding rounds
Key investors in Upway
Sequoia Capital
Exor Ventures
Transition
Global Founders Capital
Korelya Capital
Origins Fund
About Upway
Upway is an e-commerce marketplace specializing in refurbished electric bicycles with warranties and delivery. Paris-headquartered since 2020, it sources bikes from private sellers and fleets, refurbishing over 100 checkpoints on batteries, motors, and frames. Upway offers city, cargo, MTB, and folding models from brands like Specialized and Trek, operating in France, Germany, and the Netherlands with trade-in programs.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$400M (Nov 2025)
Upway Valuation
Upway is currently valued at $400M, based on its Series C in November 2025.
The $45M round was led by A.P. Moller Holding, with participation from Korelya Capital, Origins Fund, Sequoia Capital, Ora Global, Transition and 2 other investors.
Upway valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2025 | Series C | $400M |
Upway Funding History
Upway has raised a total of $106M across 4 funding rounds.
Upway's first fundraising round was a $6M seed round in November 2021. The most recent completed round was a $45M Series C in November 2025.
Upway funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Series C | A.P. Moller Holding (lead); Korelya Capital; Origins Fund; Sequoia Capital; Ora Global; Transition; Galvanize Climate Solutions; Exor Ventures | $45M | $400M | Upway is a Paris-based e-bike refurbishment company founded in 2021 that acquires used e-bikes, professionally refurbishes them to like-new condition with the same quality and safety standards as new bikes, and resells them at approximately 45% discount to original prices. The company operates a catalog of over 200 brands and 2,500 models across nine countries including the United States, Germany, France, the Netherlands, Spain, Italy, Belgium, Switzerland, and Austria. Since launch, Upway has refurbished and sold more than 100,000 e-bikes and has achieved profitability in some European markets. In November 2025, Upway closed a $60 million Series C funding round led by Danish private equity firm A.P. Moller Holding, with participation from U.S. climate investors Galvanize and Ora Global, and continued support from existing investors including Sequoia Capital, Exor Ventures, Transition, Origins, and Korelya Capital. This round valued the company at approximately $400 million post-money and brought total funding to over $125 million since inception. The funding will support expansion of Upway's industrial refurbishment infrastructure and digital capabilities across Europe and North America, including opening at least six new refurbishment centers (UpCenters) within two years. Global sales doubled in 2025 compared to 2024, with gross merchandise value reaching $200 million, and U.S. sales are on track to double again in 2026. The company targets refurbishing one million e-bikes by 2030 and plans to introduce complementary services including financing, insurance, maintenance, and subscription options to increase accessibility and seamlessly integrate e-bike ownership into users' mobility patterns. |
| Nov 2023 | Series B | Korelya Capital (lead); Wind; Sequoia Capital; Transition; SignalRank; Exor Ventures | $30M | - | Upway is a French e-bike marketplace specializing in the refurbishment and resale of electric bikes. The company buys second-hand e-bikes from retailers, rental companies, distributors, and individuals, then resells them at prices ranging from under $1,500 to over $3,000. Founded by former Uber executives Toussaint Wattinne and Stephane Ficaja, Upway operates across France, Belgium, Germany, and the Netherlands, with a U.S. launch in March 2023. On November 16, 2023, Upway announced a $30 million Series B funding round led by Korelya Capital, bringing total funding to $60 million. The round included returning investors Sequoia Capital, Exor Ventures, and the European climate fund Transition. The company confirmed this was an up round, meaning the post-money valuation increased from the Series A, though the specific valuation figure was not disclosed. Upway demonstrated strong traction in the U.S. market, achieving month-over-month sales growth exceeding 20% and effectively doubling business every quarter, having sold more than 2,000 refurbished e-bikes in the country within months of launch. The Series B funds were allocated toward expanding consumer offerings and supporting U.S. growth, particularly on the West Coast, with plans to open a new warehouse in the following year. |
| May 2022 | Series A | Exor Ventures (lead); Sequoia Capital (lead); Origins Fund; Henri Moissinac; Global Founders Capital | $25M | - | Upway is a French startup that operates as a marketplace for refurbished electric bikes, buying secondhand e-bikes from consumers and companies, refurbishing them in warehouses, and selling them online with warranties at a discount to new prices. It launched in 2021 and by mid-2022 was operating in France and Belgium, shipping from a warehouse near Paris, with plans for expansion. Upway's model emphasizes quality control, repairs, and a seamless customer experience similar to used car marketplaces. The Series A round on May 31, 2022 (or June 1 per some sources), raised $25 million led by Exor Ventures (also called Exor Seeds) and Sequoia Capital, with participation from Origins Fund (backed by soccer players and others), Global Founders Capital (existing investor), and Henri Moissinac of Dott. This brought total funding to around $35 million at the time, following a Seed VC round in November 2021. The funding aimed to support growth, including potential international expansion beyond Europe. Subsequent rounds include a $30 million Series B in November 2023 led by Korelya Capital with Sequoia, Exor Ventures, Phiture, and Transition, totaling funding to $60 million then, and a $60 million Series C in November 2025 led by A.P. Moller Holding valuing the company around $400 million. |
| Nov 2021 | Seed | Global Founders Capital; Sequoia Capital; Julien Codorniou; Transition | $6M | - | Upway raised a $6 million seed round on November 10, 2021. The investors included Global Founders Capital, Julien Codorniou, Sequoia Capital, and Transition, matching the specified round. This seed funding marked the beginning of Upway's growth as a refurbished e-bike marketplace founded in 2021 and headquartered in Paris. |
Who has invested in Upway?
13 investors have backed Upway across its funding rounds, including Sequoia Capital, Exor Ventures, Transition, Global Founders Capital, Korelya Capital and Origins Fund.
Lead investors include A.P. Moller Holding, Korelya Capital, Exor Ventures and Sequoia Capital.
Upway Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Nov 2021 | ||
| 3 | Participant | Nov 2021 | ||
| 3 | Lead | May 2022 | ||
| 2 | Lead | Nov 2023 | ||
| 2 | Participant | May 2022 | ||
| 2 | Participant | Nov 2021 | ||
| 1 | Participant | May 2022 | ||
| 1 | Participant | Nov 2023 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Participant | Nov 2025 | ||
| 1 | Participant | Nov 2025 | ||
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Start Free TrialUpway Competitors
Upway competitors include listed companies like RattanIndia Enterprises and Oisix, and private ones like DST Car, Zunder, Omie & Cie and Taiga Motors.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $400M | - | ||
| Private | - | - | $396M | - | ||
| Private | - | - | $406M | - | ||
| Private | - | - | $392M | - | ||
| Publicly listed | $772M | ($10M) | $381M | - | ||
| Publicly listed | $1.6B | $87M | $366M | 0.3x |
Upway Public Comps
Upway is still privately-owned, but its public comps include Franchise Brands, High Templar Tech, RattanIndia Enterprises, Scroll, Oisix, BHG Group, Temple & Webster, Ehang, Haypp Group and HelloFresh.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $191M | $47M | 2.6x | 2.5x | 10.5x | 9.9x | |||
| $6M | ($38M) | - | - | - | - | |||
| $772M | ($10M) | 0.6x | - | (51.0x) | - | |||
| $569M | $35M | 0.5x | 0.6x | 8.9x | - | |||
| $1.6B | $87M | 0.3x | 0.3x | 5.6x | 5.8x | |||
| $1.1B | $104M | 0.5x | 0.5x | 5.2x | 6.4x | |||
| $427M | $13M | 0.7x | 0.6x | 22.4x | 15.5x | |||
| $62M | ($44M) | 4.9x | 4.3x | (6.8x) | (8.8x) | |||
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Common questions about Upway
| When was Upway founded? | Upway was founded in 2021. |
| Where is Upway headquartered? | Upway is headquartered in Paris, France. |
| Is Upway publicly listed? | No, Upway is a private, VC-backed company. |
| What is Upway's valuation? | Upway was last valued at $400M in its Series C in November 2025. |
| How much funding has Upway raised? | Upway has raised $106M across 4 funding rounds. |
| What was Upway's last funding round? | Upway's last funding round was a $45M Series C in November 2025, led by A.P. Moller Holding. |
| Who are Upway's investors? | Upway's investors include Sequoia Capital, Transition, Exor Ventures, Korelya Capital, Origins Fund, Global Founders Capital, Henri Moissinac, Wind, Julien Codorniou, Ora Global and 3 others. |
| Which companies are comparable to Upway? | Companies comparable to Upway include DST Car, Zunder, Omie & Cie, Taiga Motors, RattanIndia Enterprises and Oisix. |
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