Mountaingate Capital has acquired UpSwell Marketing, a technology-enabled direct response marketing platform, according to an official announcement issued on March 31, 2026.
Based in Denver, Mountaingate is a private equity firm focused on building market-leading growth companies. The acquisition of UpSwell represents the fourth platform investment from Mountaingate Fund III, which was launched in January 2025.
Founded in 2008, UpSwell provides performance-driven direct mail and digital marketing solutions for location-based services businesses. The company has built deep specialization across industries such as automotive services, home services, dental, fitness, and other recurring-use verticals. Its platform is differentiated by proprietary technology that enables closed-loop attribution, allowing clients to directly measure return on investment from marketing campaigns.
Under Mountaingate’s ownership, UpSwell plans to expand its growth trajectory through continued investment in its workforce, technology, and service capabilities, while also pursuing strategic acquisitions. The firm’s broader strategy centers on backing tech-enabled marketing services businesses that deliver measurable growth outcomes.
UpSwell will continue to be led by CEO Eric Goodstadt, alongside Founder and President Tim Ross. The leadership team is expected to focus on scaling the company’s platform, enhancing targeting and attribution capabilities, and expanding into new verticals.
Support: Advisors on the transaction included WilmerHale as legal counsel to Mountaingate, Twin Brook Capital Partners providing debt financing, and BrightTower serving as exclusive financial advisor to UpSwell.
KEY QUOTES:
“UpSwell is a differentiated platform operating at the intersection of performance marketing, data, and technology. As marketers increasingly demand measurable, ROI-driven customer acquisition, UpSwell’s outstanding team, closed-loop attribution, vertical focus, and scalable technology strongly position the company to take share. We are excited to partner with Eric, Tim, and the team to support the next phase of growth through both organic initiatives and strategic acquisitions.”
Ian Woon, Vice President, Mountaingate Capital
“We are proud of what UpSwell has built and excited about what lies ahead. Mountaingate shares our conviction around performance-driven marketing and brings deep experience scaling marketing services platforms. This partnership allows us to continue investing in our people, technology, and clients while expanding our reach across new verticals.”
Tim Ross, Founder And President, UpSwell Marketing
“Over the past several years, we have built a client-centric, disciplined, scalable, and technology-enabled organization while preserving the entrepreneurial culture that drives our success. With Mountaingate’s support, we plan to accelerate our long history of growth with investment in key verticals and capabilities that enhance our targeting and attribution leadership.”
Eric Goodstadt, CEO, UpSwell Marketing
