GetUpside Rebrands and Raises $165M in Venture Funding

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WASHINGTON DC- GetUpside, the retailer loyalty technology company now known as Upside, 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 its highest level in 40 years, we are currently at an inflection point for brick-and-mortar businesses, consumers and our communities. As businesses look for new ways to grow profitably, consumers are looking for ways to increase their purchasing power over the things they need,” said Alex Kinnier, co-founder and CEO of Upside.

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’s loyalty and cashback offers through its app and partner apps. To date, Upside has returned $550 million to local communities and committed 1% of all revenue to sustainability initiatives related to its business areas.

“At General Catalyst, we always seek to support companies that have strong financial and societal returns as part of our commitment to responsible innovation,” said Deep Nishar, managing partner of General Catalyst. “We are really excited about Upside’s unique approach, the deep consideration of all its stakeholders and its positive impact on local communities. We truly believe in the vision, the company, 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 over 30 million users and tens of thousands of physical businesses on its platform. Billions of dollars in commerce flow through the Upside platform each year, the company said.

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