The round was led by Korelya Capital bringing the brand's total funding to $60 million. In 2022, Upway closed a $25-million Series A funding round led by Sequoia Capital and Exor Ventures, who also participated in this round alongside the European Climate Fund Transition. Upway's latest round of funding is an up round, proving the potential for the industry, and will be used to further Upway's extensive consumer offerings as well as supporting the brand's continued growth in the United States, specifically to the West Coast.

Upway was founded in 2021 by Toussaint Wattinne and Stéphane Ficaja. Offering certified electric bikes from a large selection in a convenient way, Upway delivers electric bikes directly to homes at an affordable price, after a careful certification process by a team of professional mechanics. Upway offers consumers the opportunity to purchase a used electric bike under a one-year warranty - supporting a mission of sustainability, reliability, trustworthiness and mobility for the masses. Currently, the certified electric bikes are delivered to homes in just a few days, available in France, Belgium, Netherlands, Germany, and the United States, are sold via the company's own online store and offer free 14 day returns.