Upway Raises $60 Million in Series C Funding Round
Written by: Rémy Rossi | November 15, 2025 | Time to read 3 min
Upway’s latest $60M boost is more than funding— it’s supercharging a global e-Bike revolution.
More about the Author: Remy Rossi
Rémy Rossi is a bike writer, mechanic, and educator who got his start in community-based bike shops and co-ops. With a decade in the industry, he still wrenches on bikes when he can and plays bike polo on a fixie.
Upway just received a jolt of new energy, securing $60 million during its Series C funding round. This latest financial injection will power Upway’s plans to open new UpCenters across Europe and North America, expand into five additional countries, and launch new digital services. Here’s the inside scoop on Upway’s big news and exciting plans for the near future.
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$60 million Series C funding round
On the heels of a thriving 2025 and successful previous funding rounds, Upway has secured an additional $60 million for expansion plans across the US and Europe. The latest financial backing and Series C round was led by Denmark-based A.P. Moller Holding. The round was also supported by Galvanize, Ora Global, and returning investors, such as Sequoia Capital, Exor Ventures, Transition, Origins, and Korelya Capital.
"Upway's ability to industrialize second-hand e-Bike refurbishment and deliver the highest level of customer trust globally truly sets them apart. By applying rigorous standards and advanced processes to every bike, they have built a reputation for quality and reliability that is rare in the mobility sector. Customers know they can count on Upway for a seamless, worry-free experience, no matter where they are. This commitment to trust and operational excellence is what makes Upway a reference in circular mobility."
— Chetan Mehta, Head of Growth Investing at A.P. Moller Holding
— Chetan Mehta, Head of Growth Investing at A.P. Moller Holding
New UpCenters across Europe and the US
Upway is headquartered in Paris and is already active in nine countries, including France, Germany, Switzerland, the Netherlands, Belgium, Italy, Austria, Spain, and the United States. Refurbishment operations take place at Upway’s six industrial reconditioning facilities, called UpCenters, located in New York City, Los Angeles, Berlin, Düsseldorf, Paris, and Antwerp.
The latest funding will advance Upway’s plans to open six more UpCenters in the next two years across the UK, US, Germany, Poland, and the Netherlands. By 2030, Upway’s entire network will be made up of 2,000 mechanics and operations specialists.
"Upway's founders have established a culture of speed, operational excellence, and purpose. Their ability to move fast, scale across markets, and execute with discipline is a testament to the strength of their vision and the team behind it."
— Saloni Multani, Founding Partner and Co-Head Innovation & Expansion Fund at Galvanize
— Saloni Multani, Founding Partner and Co-Head Innovation & Expansion Fund at Galvanize
Refurbish more than 1 million e-Bikes by 2030
Upway’s refurbished e-Bike sales doubled in 2025 and are projected to double again next year. Upway has refurbished and sold more than 100,000 electric bikes to date, with plans to significantly expand the scale of its UpCenters and global presence. The overarching ambition is to refurbish more than one million electric bikes by 2030— and the latest round of funding is a crucial step to reach that objective.
This latest investment in Upway will also facilitate the rollout of new digital services for customers, including more financing, insurance, maintenance, and subscription options. The cycling industry is diversifying with creative policies like bike leasing, accelerating e-Bike adoption. Upway is committed to being a leader in making e-Bike ownership more accessible, affordable, and hassle-free.
“Upway is not just responding to the future of mobility: it’s actively designing it. By combining supply chain mastery, deep customer trust, and global reach, Upway is laying the foundation for a new kind of infrastructure: one where sustainability scales, and circularity becomes the norm. Their vision redefines how mobility is built, accessed, and experienced, turning second-hand into first choice, and local impact into global transformation.”
—Luciana Lixandru, Partner at Sequoia Capital
Key Takeaways
- $60M Series C secured: Led by A.P. Moller Holding with support from Sequoia, Galvanize, and others.
- Global expansion: Six new UpCenters planned across Europe and North America by 2027.
- Ambitious impact: Aiming to refurbish over 1 million e-Bikes by 2030 while rolling out new digital mobility services.
