WASHINGTON, D.C. — GetUpside, the retail loyalty technology company now known as Upside, 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.
More than 50,000 gas stations, convenience stores, grocery stores and restaurants in the United States have partnered with Upside, and 30 million consumers have access to Upside loyalty and cash-back offers through its app and partner apps. To date, Washington, D.C.-based 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.
“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 General Catalyst Managing Partner Deep Nishar. “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.”
This round of fundraising will be used to accelerate user growth, expand into new retail categories, invest in product development and hire talent.
Upside has more than 30 million users and tens of thousands of brick-and-mortar businesses on its platform. Billions of dollars in commerce runs through the Upside platform every year, the company said.
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