The round was led by A.P. Moller with participation from U.S.-based Galvanize and Ora Global, and continued support from Sequoia Capital and other global investors. This new round brings total funding to over $125 million since its founding in 2021 and marks a new stage in Upway's mission: giving e-bikes a second life and riders a first choice. With this funding, Upway is doubling down on U.S. growth, expanding operations, creating jobs, and building the backbone for circular mobility.

Upway is the leading international platform for professionally refurbished e-bikes. Founded in 2021 and headquartered in Paris, Upway operates in nine markets including France, Germany, the Netherlands, Belgium, Switzerland, Austria, Italy, Spain and the United States. Upway's mission is to make sustainable mobility accessible to all by giving e-bikes a second life and riders a first choice. This ambition combines industrial-grade refurbishment, proprietary technology and a deep commitment to the circular economy.

Upway has already refurbished and sold more than 100,000 e-bikes and offers a selection of over 200 brands, all covered by a one-year warranty and delivered through a seamless customer experience. By 2030, the company aims to refurbish and sell more than one million e-bikes annually while expanding its service ecosystem to include financing, insurance, maintenance and subscription solutions.