E-bike Refurbisher Upway Raises $60M In Funding - CleanTechnica

Upway, an e-bike refurbishing company founded in 2021, has raised $60 million in a Series C funding round, bringing its total funding to over $125 million. The new capital will support Upway’s expansion in the U.S., creation of over 2,000 jobs, and efforts to make e-bikes more accessible through financing, insurance, maintenance, and subscription services. Upway focuses on giving used e-bikes a second life by refurbishing them to meet strict safety and performance standards, offering customers reliable, affordable alternatives to new e-bikes at an average discount of 45%, saving buyers about $1,000 per bike. The global refurbished e-bike market was valued at approximately $5 billion in 2024 and is expected to grow to $12-13 billion by 2034, presenting significant growth opportunities for Upway. Since its launch, the company has refurbished and sold over 100,000 e-bikes across nine countries, including the U.S