Upway, which claims to be the global market leader in refurbished e-bikes, has just raised $60 million in funding to give new life to 1 million e-bikes by 2030. This brings the total funding raised since its founding in 2021 to more than $125 million.
The company’s business model is simple: Upway buys used e-bikes, refurbishes them to the highest industry standards, and sells them online with a one-year warranty and home delivery. Customers can choose from more than 200 brands and 2,500 models, and pay an average of 45% less than the new price.
Circular economy
The company prevents thousands of bicycles from ending up in landfills every year, extends the life cycle of products, and supports the transition to a truly circular economy.
Upway aims to give one million e-bikes a new life by 2030, creating the world’s largest circular mobility network. Since its launch, the company has refurbished and sold more than 100,000 e-bikes.
Business is booming
And business is booming. Sales will double in 2025 compared to 2024, and Upway expects this growth to double again in 2026. The new funding will accelerate Upway’s development; the company expects to have twelve UpCenters operational in Europe and North America by 2027.
In addition, the capital will be used to launch new digital services, such as financing, insurance, maintenance, and subscription options. Upway wants to make the e-bike more accessible to everyone.
Job creation
Upway operates in nine countries (the United States, Germany, France, the Netherlands, Spain, Italy, Belgium, Switzerland, and Austria) and has six industrial refurbishment centers (UpCenters) in New York City, Los Angeles, Berlin, Düsseldorf, Paris, and Mechelen.
Upway will open six additional locations within two years in the United Kingdom, the United States, Germany, the Netherlands, and Poland. This will create more than 2,000 jobs for technicians and operational specialists by 2030.
European hub in Mechelen
In Belgium, Upway operates one of its main European refurbishment hubs in Mechelen, where used e-bikes are given a second life before being resold online. Inside the so-called UpCenter, technicians meticulously inspect, repair, and test each bike according to strict safety and performance standards.
The facility handles models from more than 200 brands, including popular names like Trek, Gazelle, Cowboy, VanMoof, and Riese & Müller, offering customers refurbished e-bikes at up to 45% below the original price.
Thanks to its central location, the Mechelen site also serves as a logistics hub for fast deliveries across Western Europe. Beyond promoting affordable and sustainable mobility, Upway’s Belgian operations play a vital role in the company’s circular economy strategy — keeping thousands of e-bikes on the road and out of landfills every year.
