Upside, headquartered in Washington, D.C., is a retail technology company providing promotion management, cashback solutions, and consumer discounts across categories like clubs, flights, hotels, and cab bookings. Since its founding in 2016, Upside has raised $165M from leading investors, including General Catalyst, Bessemer Venture Partners, and Builders VC, and has achieved a current valuation of $1.5B. The company empowers retailers to increase customer engagement and optimize promotions while enabling consumers to save on everyday purchases.
What Is Upside and What Does It Do?
Upside, founded in 2016 by Alex Kinnier, Jan Rubio, Joanna Kochaniak, Rick McPhee, and Wayne Lin, is headquartered in Washington, D.C. The company operates a two-sided marketplace that enables retailers to manage credit and debit transaction data, design personalized promotions, and drive customer behavior.
With a team of 87 employees, Upside combines retail technology and loyalty software to improve both customer experience and business profitability. The company also allocates 1% of its revenue to sustainability initiatives, reflecting a commitment to social impact alongside growth.
How Much Funding Has Upside Raised?
1. Series C
- Amount Raised: $35M
- Date: September 2020
- Lead Investors: Bessemer Venture Partners
- Motivation: To further expand into new markets and improve technology infrastructure.
2. Series D
- Amount Raised: $65M
- Date: April 2022
- Lead Investors: General Catalyst, Bessemer Venture Partners, Builders VC
- Motivation: To accelerate user growth, expand into new retail categories, invest in product development, and hire top talent.
3. Conventional Debt
- Amount Raised: $100M
- Date: April 2022
- Lead Investors: General Catalyst
- Motivation: To support operational expenses and strategic growth initiatives.
Total Funding Raised: $250 Million
Current Valuation: $1.5 Billion (as of Apr 2022)
Latest Funding Date: April 26, 2022
Key Investors
1. General Catalyst
- Details: Venture capital firm supporting founders from seed to growth stage.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Airbnb, Stripe, Snap.
2. Bessemer Venture Partners
- Details: Venture capital firm investing in early-stage and growth-stage companies across multiple sectors.
- Investment Focus Areas: Enterprise, consumer, healthcare, and frontier technology.
- Notable Investments: LinkedIn, Shopify, Pinterest.
3. Builders VC
- Details: Venture capital firm focusing on companies transforming traditional industries through technology.
- Investment Focus Areas: Technology, healthcare, and industrials.
- Notable Investments: Built Technologies, ServiceTitan.
Where Is Upside’s Headquarters?
Upside is headquartered in Washington, D.C., offering strategic access to government institutions, a growing technology ecosystem, and a hub for financial and retail partnerships in the U.S.
What’s Next for Upside?
Upside is positioned to accelerate growth by expanding its user base, entering new retail categories, and enhancing its product offerings. With a valuation of $1.5B and partnerships with over 50,000 businesses, the company has significant potential to scale operations. Future fundraising opportunities remain likely as Upside continues to innovate, expand its platform, and strengthen its position in the retail technology and loyalty solutions market.
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