GetUpside announced April 26 a rebrand to Upside, as well as the addition of $165 million in fundraising that the retail technology company said will be used to accelerate user growth, expand into new retail categories (including drugstores and home improvement), invest in product development and hire top talent.
Upside raised $65 million in equity financing and $100 million in debt financing from venture capital firm General Catalyst with participation from existing investors such as Bessemer Ventures and Builders VC, bringing its 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 Upside co-founder and CEO Alex Kinnier in a release. “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 helps businesses earn measurable profit while giving users more purchasing power on the things they need every day. Its mobile app connects new customers to gas stations, c-stores, grocery stores (including Lunds & Byerlys, Woodman's, Cardenas Markets and Schnucks) and restaurants nationwide by presenting users with personalized offers based on their transaction history. The Washington, D.C.-based company has more than 50,000 retail partners and 30 million users, it said.