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

Upside Overview

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

United StatesWashington, DC

Website

upside.com

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

Upside valuation by funding round
DateStageValuation
Apr 2022Series D$1.5B

Upside Funding History

Upside has raised a total of $65M across 1 funding round.

Upside funding rounds

Upside funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2022Series DGeneral Catalyst (lead); Bessemer Venture Partners; Builders VC$65M$1.5BUpside, 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

Investors in Upside by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesSan Francisco, CA1LeadApr 2022

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Acquisitions 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

A-Frame Ventures
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 CountryUnited States
HQ City
-
Deal Date16 Apr 2020
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Upside Competitors

Upside competitors include listed companies like CarTrade Tech and eFinance, and private ones like Andela, Ninja, Pacaso and ShopMy.

Public and private companies comparable to Upside
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AndelaNigeriaLagosPrivate$50M-$1.5B-
NinjaSaudi ArabiaRiyadhPrivate--$1.5B-
PacasoUnited StatesSan Francisco, CAPrivate$330M-$1.5B4.5x
ShopMyUnited StatesBaton Rouge, LAPrivate$80M-$1.5B18.8x
CarTrade TechIndiaIndiaPublicly listed$81M$33M$1.5B15.6x
eFinanceEgyptEgyptPublicly 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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Moltiply Group$787M$148M2.4x2.3x13.0x8.6x
CarTrade Tech$81M$33M17.5x15.6x43.2x43.8x
eFinance$130M$67M11.8x-22.8x-
Izumi Co$3.7B$300M0.6x0.6x6.9x6.8x
GO$266M$49M5.4x5.3x29.4x24.7x
Mony Group$599M$184M2.3x2.3x7.5x7.1x
Alma Media$377M$110M3.8x3.7x13.1x11.6x
ACV Auctions$760M($19M)2.3x2.1x(89.6x)24.8x

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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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