This news comes on the heels of its Series D funding round. The company plans to use the funding to expand into new retail categories. Here are the top-line bullets you need to know.
Upside, a retail tech startup, has raised $165M in a mix of debt and equity. The company raised $65M in a Series D round that drew participation from General Catalyst, Bessemer Venture Partners, and Builders VC. $100M in debt financing was provided by undisclosed investors.
How’s the company performing?
- Washington, D.C.-based Upside drives profit for retailers and enables app users to earn cash back on everyday purchases.
- The company, which brings in $128M in annual revenue, has driven $550M back into local communities.
- Upside partners with over 50K businesses and currently caters to 30M customers.
- The company is supported by a team of approximately 250 employees.
Source: Upside
Why does the market matter?
- The global customer loyalty program software market is expected to reach a value of $5.6B by 2026, growing at a CAGR of 20.2%, according to Infinity Business Insights.
- Rising customer acquisition costs have led companies to turn to solutions designed to enhance customer loyalty and retention.
- The pandemic-induced e-commerce boom has contributed to growth in this market.
