Upway in a €5 million seed round led by Sequoia Capital and joined by Global Founders Capital.

Upway, a Paris, France-based startup developing a marketplace for second-hand e-bikes, announced completing a €5 million ($5.7M) seed funding round.

The money was raised from investors led by Sequoia Capital and joined by Global Founders Capital.

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.