- Companies
- Upside
Upside Valuation, Funding & Investors
Upside is valued at $1.5B as of April 2022.
Last Upside valuation
$1.5B
Series D · Apr 2022
Last Upside funding round
$65M
Series D · Apr 2022
Cumulative funding Upside raised
$65M
across 1 funding round
Key investors in Upside
General Catalyst
Bessemer Venture Partners
Builders VC
About Upside
Upside is a cashback marketplace enhancing value for brick-and-mortar retailers and consumers across the U.S. Washington D.C.-headquartered, it offers personalized rewards at gas stations, grocery stores, and restaurants like Shell, BP, and Safeway. The app verifies purchases via linked cards, directing 1 percent of revenue to local sustainability projects. Launched in 2016, Upside processes billions in annual transactions.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$1.5B (Apr 2022)
Upside Valuation
Upside is currently valued at $1.5B, based on its Series D in April 2022.
The $65M round was led by General Catalyst, with participation from Bessemer Venture Partners and Builders VC.
Upside valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Series D | $1.5B |
Upside Funding History
Upside has raised a total of $65M across 1 funding round.
Upside funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Series D | General Catalyst (lead); Bessemer Venture Partners; Builders VC | $65M | $1.5B | Upside, formerly GetUpside, is a Washington, D.C.-based retail technology company operating a cash-back app that connects consumers with local businesses such as gas stations, grocery stores, restaurants, and convenience stores. Users earn cash rewards on purchases at over 50,000 partner businesses, including major chains like Popeyes, Wendy’s, and Papa John’s, while businesses gain profitable customer traffic within their margins. The platform has served more than 30 million consumers and returned over $550 million in cash-back rewards to communities as of April 2022. On April 26, 2022, Upside announced a Series D funding round comprising $65 million in equity financing led by General Catalyst, with participation from existing investors Bessemer Venture Partners and Builders VC, alongside $100 million in debt financing from General Catalyst, for a total of $165 million. This round elevated the company's post-money valuation to $1.5 billion, marking its unicorn status. The funding aims to accelerate user growth, expand into new retail categories beyond gas, groceries, and restaurants, invest in product development, and hire talent, with 55 roles open in D.C. and additional positions in Chicago and Austin. Amid high inflation, CEO Alex Kinnier highlighted the platform's win-win-win model for consumers seeking purchasing power, businesses driving profitable growth, and communities. Recent partnerships included cash-back fuel offers for Lyft and Uber drivers. Upside guarantees profitability for partners by structuring promotions within margins and shares profits with the company. It commits one percent of revenue to sustainability. The rebranding from GetUpside to Upside reflects its focus on delivering upside for all stakeholders in brick-and-mortar commerce. |
Who has invested in Upside?
3 investors have backed Upside across its funding rounds, including General Catalyst, Bessemer Venture Partners and Builders VC.
Lead investors include General Catalyst.
Upside Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Apr 2022 | ||
This data is available for Pro users. Sign up to see all 3 Upside investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Upside
Upside has acquired 1 company to date.
Last acquisition by Upside was on April 16th 2020. Upside acquired A-Frame Ventures for undisclosed valuation.
Latest Acquisitions by Upside
| Description | A-Frame Ventures is a venture capital firm investing in early-stage technology companies with high growth potential. The Los Angeles-based fund provides capital alongside operational support to startups in software, consumer tech, and healthtech sectors. It focuses on seed and Series A rounds, drawing from a network of entrepreneurs and advisors for portfolio acceleration. |
| HQ Country | |
| HQ City | - |
| Deal Date | 16 Apr 2020 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Upside acquisitions and their M&A valuation multiples. Start Free Trial | |
Upside Competitors
Upside competitors include listed companies like CarTrade Tech and eFinance, and private ones like Andela, Ninja, Pacaso and ShopMy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $50M | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | $330M | - | $1.5B | 4.5x | ||
| Private | $80M | - | $1.5B | 18.8x | ||
| Publicly listed | $81M | $33M | $1.5B | 15.6x | ||
| Publicly listed | $130M | $67M | $1.6B | - |
Upside Public Comps
Upside is still privately-owned, but its public comps include Moltiply Group, CarTrade Tech, eFinance, Izumi Co, GO, Mony Group, Alma Media, ACV Auctions, TBO.com and BuySell Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $787M | $148M | 2.4x | 2.3x | 13.0x | 8.6x | |||
| $81M | $33M | 17.5x | 15.6x | 43.2x | 43.8x | |||
| $130M | $67M | 11.8x | - | 22.8x | - | |||
| $3.7B | $300M | 0.6x | 0.6x | 6.9x | 6.8x | |||
| $266M | $49M | 5.4x | 5.3x | 29.4x | 24.7x | |||
| $599M | $184M | 2.3x | 2.3x | 7.5x | 7.1x | |||
| $377M | $110M | 3.8x | 3.7x | 13.1x | 11.6x | |||
| $760M | ($19M) | 2.3x | 2.1x | (89.6x) | 24.8x | |||
This data is available for Pro users. Sign up to see all Upside competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Upside
| When was Upside founded? | Upside was founded in 2016. |
| Where is Upside headquartered? | Upside is headquartered in Washington, DC, United States. |
| Is Upside publicly listed? | No, Upside is a private, VC-backed company. |
| What is Upside's valuation? | Upside was last valued at $1.5B in its Series D in April 2022. |
| How much funding has Upside raised? | Upside has raised $65M across 1 funding round. |
| What was Upside's last funding round? | Upside's last funding round was a $65M Series D in April 2022, led by General Catalyst. |
| Who are Upside's investors? | Upside's investors include General Catalyst, Bessemer Venture Partners and Builders VC. |
| Which companies are comparable to Upside? | Companies comparable to Upside include Andela, Ninja, Pacaso, ShopMy, CarTrade Tech and eFinance. |
| How many companies has Upside acquired? | Upside has acquired 1 company, including A-Frame Ventures. |
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