Published on April 26, 2022
Upside (fka GetUpside), a Washington, DC-based retail technology company, raised $165M in funding.
The round, which brought valuation to $1.5 billion, included:
- $65m in equity financing, from General Catalyst with participation from existing investors including Bessemer Ventures and Builders VC, and
- $100 million in debt financing.
The company intends to use the funds to accelerate user growth, expand into new retail categories, invest in product development, and hire talent.
Led by CEO Alex Kinnier, Upside is a two-sided marketplace platform that drives 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% of all revenue to sustainability initiatives related to areas of operation.