Upway announced a €23 million Series A round co-led by Exor Seeds and Sequoia Capital

Upway, a Paris, France-based startup developing a marketplace for second-hand e-bikes, raised €23 million ($24.3 million) series A funding round.

The money was raised from investors co-led by US-based Sequoia Capital and Exor from the Netherlands, joined by Global Founders Capital, Transition VC and angel investor Henri Moissinac, CEO and co-founder of Dott and Moving Capital. Proceeds will be used to expand operations in Germany, the Netherlands and the U.S. by the end of 2022.

Upway, founded in 2021 by CEO Toussaint Wattinne and Stéphane Ficaja (both ex-Uber), is buildin an ecommerce business for used e-bikes. The company buys electric bikes from both customers and companies, gets them through a verification process involving a list of 20 different tests, and then puts them out for sales. The company says that the prices can be up to 50% lower than their original cost, with a one year warranty and with brands including Moustache, VanMoof, Cowboy and Canyon. It is curretnly available  in France and Belgium.

Upway previously was seeded with €5 million in November 2021.