Upway is creating an online marketplace for buying and selling used electric bikes.
Meet Upway, a French startup that is building a marketplace for used electric bikes. The startup recently raised a $5.7 million ($5 million) seed round from Sequoia Capital and Global Founders Capital.
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If you are familiar with the world of online car trading, Upway will make you familiar too. The company buys electric bikes from both customers and the company. They inspect and repair in case anything goes wrong. Upway will later list and sell electric bikes on its website.
The startup now has a warehouse in Gennevilliers near Paris. A team of five mechanics inspect each bike that comes with 20 different test items. Upway can ship the bikes to customers in cardboard packages — handlebars and pedals are separated from the frame.
On average Bikes are 20% to 50% cheaper than their original price. You can find products from many familiar brands in the electric bike industry such as Moustache, VanMoof, Cowboy and Canyon. All electric bikes come with a one year warranty.
