GetUpside Rebrands as Upside, Raises $165M
Rebranded as Upside, the retail technology company formally known as GetUpside has raised $65 million in equity financing and $100 million in debt financing. This latest round brings Upside’s valuation to $1.5 billion.
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 every day. The Upside mobile app allows customers to connect with retail locations such as gas stations, convenience stores, grocery stores and restaurants nationwide by providing personalized cash-back promotions based on their transaction history. Grocers like Schnucks, Cardenas and Lunds & Byerlys have already partnered with the tech company. Most recently, Upside partnered with quick-commerce platform Gopuff last month. The deal enables delivery partners of Gopuff to access exclusive cash-back promotions at one of the 45,000 retail locations in Upside’s network.
“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, co-founder and CEO of Washington, D.C.-based Upside. “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’s latest round of fundraising will be used to accelerate user growth, expand into new retail categories, invest in product development and hire top talent. The Series D fundraising round was led by General Catalyst with participation from existing investors Bessemer Ventures and Builders VC.
“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, manager partner at General Catalyst, which has offices in San Francisco, New York, London, Boston and Palo Alto, Calif. “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.”
According to Upside, billions of dollars in commerce run through the company's platform every year, and that value goes directly back to retailers and the consumers they serve, as well as toward important sustainability initiatives.
To date, Upside has driven $550 million back into local communities, and has committed 1% of all revenue to sustainability initiatives related to its areas of operation.
