E-Bike Marketplace Upway Raises $30 Million For U.S. Push – My Blog

Upway founders Stéphane Ficaja and Toussaint Wattinne

Romain Petit

French e-bike market Upway has raised $30 million in Sequence B funding because it eyes a much bigger slice of the U.S. market.

Upway, based in 2021, supplies a web based market for purchasing and promoting electrical bikes and entered the U.S. earlier this yr.

The Sequence B spherical was led by Korelya Capital with participation from Sequoia Capital, Exor Enterprise and Transition VC.

The funding shall be invested in increasing its U.S. footprint, significantly on the West Coast the place it'll open a brand new warehouse.

"Since our launch two years in the past and our U.S. launch this March, we've got been on a steady mission to offer our prospects with an unparalleled number of licensed electrical bikes from main manufacturers," Upway chief government Toussaint Wattinne mentioned.

"2023 was an important yr for us and looking forward to 2024, we are going to proceed to be the main e-bike market, furthering our presence in america and throughout the globe," he mentioned.

Whereas the corporate has been lively in France, Germany, Belgium and the Netherlands, it sees a big alternative within the U.S. In line with the corporate, it has seen gross sales within the U.S. develop greater than 20% because it launched there in March.

Upway shouldn't be the one European participant with designs on the U.S. market. Earlier this yr, Buycycle, German a second-hand market for e-bikes, launched within the nation.

Paul Degueuse, associate at Upway's lead investor on this spherical Korelya Capital, mentioned there was a "fast penetration" of e-bikes within the U.S.

"In such a fast-growing market and with tens of hundreds of refurbished e-bikes already offered, Upway stands out because the rising international class chief," he mentioned.

"The Upway crew have constructed on their unimaginable momentum in Europe to efficiently launch within the U.S. as they take {the marketplace} international," Sequoia associate Luciana Lixandru added.

Upway raised $25 million in a Sequence A spherical final yr. This newest funding brings its complete funding raised thus far to $60 million.