- Upside (previously known as GetUpside) announced it raised $65 million. These are the details.
Upside (previously known as GetUpside) recently announced that it has raised $65 million in equity financing and $100 million in debt financing from General Catalyst with participation from existing investors including Bessemer Ventures and Builders VC. And this latest funding round brings Upside’s valuation to $1.5 billion.
The company is known as a two-sided marketplace platform that drives proven, incremental profit to businesses, while at the same time giving users more purchasing power on the things they need every day. And over 50,000 grocery stores, restaurants, gas stations, and convenience stores across the country have partnered with Upside, and 30 million consumers have access to Upside offers through its app and partner apps. To date, Upside drove $550 million back into local communities and has committed 1% of all revenue to sustainability initiatives related to its areas of operation.
Upside’s business model ensures that there is only upside for users, businesses, and communities. And now Upside has a simpler name to match. And the evolution of the brand aligns with the company’s growth to date and continued focus on mutual benefit for businesses, people, and communities. This round of funding will be used to accelerate user growth, expand into new retail categories, invest in product development, and hire top talent.
KEY QUOTES:
“With inflation at a 40-year high, we are at an inflection point right now for brick and mortar businesses, consumers, and our communities. As businesses look for new ways to profitably grow, consumers are looking for ways to gain more purchasing power on the things they need. We are always focused on the win-win-win and are proud to have built the only product that delivers measurable benefits for all points of brick and mortar commerce.”
– Upside Co-Founder and CEO Alex Kinnier
“At General Catalyst, we’re always looking to back businesses that have both strong financial and societal returns as part of our commitment to responsible innovation. We are really excited about Upside’s unique approach, deep consideration of all their stakeholders, and positive impact on local communities. We really believe in the vision, the business, and Alex and his team.”
– General Catalyst Managing Partner Deep Nishar
