NEW YORK (BRAIN) — E-bike reseller Upway announced a $30 million Series B investment on Thursday, doubling the brand's total funding to $60 million.
The latest investment is led by Korelya Capital. Last year, Upway closed a $25 million Series A funding round led by Sequoia Capital and Exor Ventures, which also contributed to this year's round with the European Climate Fund Transition.
Upway's latest round will be used to increase consumer offerings as well as supporting the brand's U.S. growth, specifically to the West Coast. It's planning to open a new warehouse in the coming year.
Upway also operates in France, Belgium, Germany, and the Netherlands and sells online from under $1,500 to over $3,000. It was started by former Uber executives Toussaint Wattinne and Stephane Ficaja. It buys bikes from individuals, retailers' overstock, rental companies, and distributors. It also has a trade-in tool on its website.
"E-bikes' rapid penetration represents a pivotal shift towards clean mobility, benefiting both urban and rural areas," said Paul Degueuse, Korelya Capital partner. "We foresee that a streamlined, circular, and affordable ecosystem would propel this market's growth and magnify its positive impact. In such a fast-growing market and with tens of thousands of refurbished e-bikes already sold, Upway stands out as the emerging global category leader. We are proud to back Upway and its visionary team leading the charge of this revolution."
Korelya Capital was founded in 2016 and invests in European technology companies.
Upway launched in the U.S. in March. In the U.S., according to Upway, the brand has grown sales more than 20% month-over-month, effectively doubling business every quarter in addition to giving a new life to more than 2,000 e-bikes.
