Upside, the retail technology company rebranded from GetUpside, 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. This latest round brings Upside’s valuation to $1.5 billion.
“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,” said Alex Kinnier, Upside co-founder and CEO. “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 is a two-sided marketplace platform that drives incremental profit to businesses, while at the same time giving users more purchasing power on the things they need everyday. 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 has driven $550 million back into local communities and has committed 1 percent of all revenue to sustainability initiatives related to its areas of operation.
“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,” said Deep Nishar, managing partner. “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.”
The company’s business model ensures that there is only upside for users, businesses and communities, and now the company has a simpler name to match. 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 fundraising will be used to accelerate user growth, expand into new retail categories, invest in product development and hire top talent.
For more information, visit upside.com.