Upway gets $25M to sell refurbished electric bikes

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French startup up raised $25 million in a Series A round led by Exor Seeds and Sequoia Capital. The company sells used electric bikes that have been refurbished and are ready to go.

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In many ways, Upway reminds me of online car marketplaces. The startup provides convenience for buyers who want to buy an electric bike but don’t want to pay the full cost of a new electric bike.

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Behind the scenes, Upway buys electric bikes from both consumers and companies. The team brings these bikes to their warehouse, inspects them, repairs them in some cases, and lists them on their website. Of course, Upway tries to make a small profit on every sale.

In addition to Exor Seeds and Sequoia Capital, Origins is also participating in today’s round. Origins is a venture capital firm backed by many professional footballers such as Blaise Matuidi, Olivier Giroud, Ngolog Kante, and Antoine Dupont (rugby player).

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Existing investor Global Founders Capital is investing in the startup again. Henri Moisinac, co-founder and CEO of micromobility startup Dottalso joins the round.

Now the startup is working in its homeland in France and Belgium. Bicycles are sent directly to customers from the same warehouse in Gennevilliers near Paris. But the company is already thinking about its next steps.

Upway will soon launch its marketplace in Germany, the Netherlands and the US. By the end of 2022, the company will have three different warehouses.

Sales of electric bicycles in Europe are growing rapidly. Manufacturers are capitalizing on this boom, including some startups that have raised huge rounds such as Cowboy as well as vanmoof . But they remain expensive commodities, and they also suffer from supply chain restrictions.

Bicycles (electric or not) will play an important role in the future of urban mobility in major European cities. That’s why it’s important to provide new ways to access bikes. In particular, electric bikes could even replace many car rides outside of major transportation hubs.

Some cities have invested heavily in subsidized bike-sharing services, such as Vélib’ in Paris. Some companies like Dott buy thousands of electric bikes for free bike rentals.

Companies such as Exchange as well as dance are also important when it comes to democratizing electric bikes. These startups allow you to rent a bike for a fixed monthly subscription fee. When you cancel your subscription, you give away the bike.

Coming back to Upway, people who want to use an electric bike to commute to work or school might consider getting their own bike. In addition to new bikes, it is important to provide different offers.

Upway makes electric bikes more affordable. All bikes come with a one year warranty and there is no stock issue as the company only lists electric bikes that it can sell properly. Some clients can also use Alma buy now and pay later, in multiple installments without any interest.

The startup also offers accessories such as helmets, lights, bike locks and child seats. After all, you can also add some insurance product to your cart before checkout.

In total, Upway sells 400 different models from brands such as Mustache, O2feel, Keola, Veloci, Arcade, Cowboy and VanMoof. There are currently 20 million electric bicycles on the roads in Europe and America. Those millions of bikes could end up in a used car market like Upway. And I’m not surprised that the startup managed to raise another $25 million.

Bicycle repairman checking bicycle seat

Image credits: up

Credit: techcrunch.com /

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