Upway in France Raises €5 Million for On-Line Marketplace for Used eBikes
A new French start-up called Upway raised €5 million in a seed round from Sequoia Capital and Global Founders Capital to build a marketplace for second-hand e-bikes, reports Tech Crunch.
The company, which has a warehouse in Gennevilliers near Paris, buys e-bikes from both customers and companies. A team of five technicians checks and repairs e-bikes as needed, and then Upway lists and sells the e-bikes on its website.
On average, bikes are 20% to 50% cheaper than their original cost, and Upway offers many familiar brands such as Moustache, VanMoof, Cowboy and Canyon. All e-bikes come with a one-year warranty.