Upway lands $25 million to promote extra refurbished electrical bikes

French startup Upway has raised a $25 million Sequence A spherical led by Exor Seeds and Sequoia Capital. The corporate sells secondhand electrical bikes which have been refurbished and are able to roll.

In some ways, Upway jogs my memory of on-line marketplaces for automobiles. The startup offers a seamless expertise for patrons who need to purchase an electrical bike however don’t need to pay the total worth of a brand new electrical bike.

Behind the scenes, Upway buys electrical bikes from each customers and corporations. The group brings these bikes to its warehouse, checks them, repairs them in some circumstances and lists them on their web site. After all, Upway tries to generate a small margin on each sale.

Along with Exor Seeds and Sequoia Capital, Origins can also be taking part in at present’s spherical. Origins is the VC agency backed by {many professional} soccer gamers, similar to Blaise Matuidi, Olivier Giroud, N’golog Kanté, in addition to Antoine Dupont (a rugbyman).

Present investor World Founders Capital is investing as soon as once more within the startup. Henri Moissinac, the co-founder and CEO of micromobility startup Dott, is becoming a member of the spherical as properly.

Proper now, the startup operates in its house nation France and Belgium. Bikes are shipped on to prospects from the identical warehouse in Gennevilliers close to Paris. However the firm is already excited about its subsequent strikes.

Upway will quickly launch its market in Germany, the Netherlands and the U.S. By the top of 2022, the corporate can have three completely different warehouses.

Gross sales of electrical bikes have been rising quickly in Europe. Producers are benefiting from this increase, together with some startups which have raised large rounds, similar to Cowboy and VanMoof. However they continue to be costly items and so they additionally undergo from provide chain constraints.

Bikes (electrical or not) will play an vital function in the way forward for city mobility in main European cities. That’s why it’s vital to offer new methods to entry bikes. Electrical bikes extra particularly may even substitute many automotive rides outdoors of main hubs.

Some cities have invested closely in sponsored bike-sharing companies, similar to Vélib’ in Paris. Some firms, like Dott, are shopping for 1000’s of electrical bikes for his or her free-floating bike rental companies.

Corporations like Swapfiets and Dance are additionally vital in the case of democratizing electrical bikes. These startups allow you to lease a motorcycle for a flat month-to-month subscription charge. If you cancel your subscription, you hand out the bike.

Coming again to Upway, individuals who need to use an electrical bike to go to work or experience to highschool could think about getting their very own bike. Along with new bikes, it’s vital to offer completely different choices.

Upway makes electrical bikes extra inexpensive. All bikes include a one-year guarantee and there’s no inventory subject as the corporate solely lists electrical bikes that it will possibly promote proper method. Some prospects also can reap the benefits of Alma to purchase now and pay later in a number of installments with none curiosity.

The startup additionally offers equipment, similar to helmets, lights, bike locks and baby seats. Ultimately, you would additionally think about including some insurance coverage product to your basket earlier than trying out.

General, Upway sells 400 completely different fashions from manufacturers like Moustache, O2feel, Keola, Veloci, Arcade, Cowboy and VanMoof. There are at present 20 million electrical bikes on the European and American roads. These tens of millions of bikes might all find yourself on a secondhand market like Upway. And I’m not stunned that the startup managed to boost one other $25 million.

A bike repair person checking the seat of a bike

Picture Credit: Upway

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