Upway is a French company specializing in the refurbishment and sale of electric bicycles (e-bikes). Founded in 2021 by Toussaint Wattinne and Stéphane Ficaja, Upway aims to make electric mobility more accessible and sustainable by offering certified pre-owned e-bikes at significantly reduced prices.
Company Overview
- Founders: Toussaint Wattinne (CEO) and Stéphane Ficaja
- Headquarters: Paris, France
- Industry: Consumer Goods, E-commerce
- Employees: Approximately 148 as of December 2024
Mission and Vision
Upway envisions a world where e-bikes are the norm, reducing reliance on cars. Their mission is to accelerate e-bike adoption and reduce waste by building the largest marketplace for reconditioned e-bikes, making electric mobility more affordable and giving new life to quality products.
Product and Services
Upway offers a curated selection of refurbished electric bikes from over 400 brands, including top-tier names like Specialized, Cannondale, and Rad Power. Each e-bike undergoes a rigorous inspection and certification process, ensuring quality and safety. Customers benefit from prices up to 60% lower than new models, with each purchase backed by a one-year warranty.
Market Presence
Since its inception, Upway has expanded its operations across multiple countries:
- Europe: France, Belgium, Germany, the Netherlands
- North America: United States
In March 2023, Upway launched its U.S. operations, establishing a warehouse in Brooklyn, New York. By March 2025, the company expanded to the West Coast with the opening of an UpCenter in Los Angeles, California, to better serve the growing e-bike market in the region.
Financial Performance
Upway has demonstrated significant growth since its founding:
- Funding: Raised a total of $60.7 million over multiple funding rounds, including a $30 million Series B in November 2023.
- Revenue: Reported annual revenue of $15 million as of December 2024.
- Sales: Sold over 20,000 e-bikes within two years of operation.
Market Trends and Positioning
The global e-bike market is experiencing rapid growth, with projections indicating a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030. Factors driving this growth include increasing environmental awareness, urbanization, and the demand for sustainable transportation solutions.
Upway's focus on reconditioned e-bikes positions it uniquely within this expanding market. By offering affordable, high-quality refurbished e-bikes, Upway caters to cost-conscious consumers seeking sustainable mobility options. This approach not only promotes the circular economy but also addresses the environmental impact associated with new product manufacturing.
Competitive Landscape
Upway faces competition from both new e-bike retailers and other platforms offering pre-owned bicycles. However, its comprehensive refurbishment process, extensive brand selection, and commitment to customer satisfaction through warranties and quality assurance provide a competitive edge. Additionally, partnerships with over 500 retailers in the U.S. enhance its market reach and sourcing capabilities.
Challenges and Opportunities
- Challenges:
- Consumer Awareness: Educating potential customers about the benefits and reliability of refurbished e-bikes.
- Logistics: Managing efficient refurbishment and distribution processes across multiple countries.
- Competition: Differentiating from other e-bike retailers and marketplaces.
- Opportunities:
- Market Expansion: Entering new geographic markets with growing demand for e-bikes.
- Product Diversification: Expanding the range of e-bike models and accessories offered.
- Sustainability Initiatives: Leveraging environmental trends to promote the benefits of refurbished products.
