Paris-based Upway takes off with €5 million for its reconditioned electric bike marketplace

Founded by former Uber executives Toussaint Wattinne and Stéphane Ficaja earlier this year, Upway is launching a pioneering marketplace dedicated to the second-hand purchase, reconditioning and resale of electric bikes under warranty. The young company has just secured €5 million from Sequoia and Global Founders Capital. 

Combating the climate crisis is a key mission for the current generation of innovators, and urban mobility is one of the markets where we are seeing a lot of activity. Upway is offering a fresh approach to encouraging urban mobility, allowing people to purchase pre-owned electric vehicles in top condition and with a warranty, giving consumers a reliable and accessible choice.

2020 say a cycling boom in France, and according to the young company, bike us increased over 10% over the course of the year. What’s more, the cycling market is thriving and is estimated to be worth over €3 billion, having seen a big increase largely driven by the sales of electric bikes. 

Until now, consumers have been faced with a number of obstacles in purchasing electric bikes. From high prices and supply shortages to concerns about the condition of second-hand models, the electric bike sector has had some challenges to overcome. 

To tackle these issues, whilst simultaneously meeting increased demand from consumers to find eco-friendly ways to travel, Upway has launched an innovative new platform dedicated to the reconditioning and resale of electric bikes. 

As the only marketplace of this kind in Europe, Upway wants to provide as many people as possible with the opportunity to buy second-hand electric bikes refurbished to a high quality with a one-year warranty. 

Toussaint Wattinne, CEO and co-founder of Upway, said: “With Upway, we are removing the barriers to purchasing electric bikes once and for all by providing a wide range of models that have been reconditioned in France, at affordable prices and which can be ordered online, for delivery to your home. We’re also committed to  supporting French people in their desire to change the way they shop, at a time of increasing awareness of environmental issues.”

The strength of Upway’s service lies in its ability to provide high-quality electric bikes. Each bike undergoes a 20-point inspection and is reconditioned to professional standards. Located in Gennevilliers, near Paris, the Upway warehouse houses a team of professional repair staff who ensure the excellence of the bikes, which are put back on the market for a price 20 to 50% lower than a new product, and they all include a one-year warranty. 

The fresh funding, from Sequoia and Global Founders Capital, will be used by the startup to continue its mission of democratising access to electric bikes across France, before setting off in new European markets in 2022.