CHICAGO—While it’s important for convenience retailers to market themselves, new products, services, promotions, and other initiatives by convenience vendors play a major role in capturing consumer interest. Convenience store news will regularly highlight these efforts in this overview.
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Upside, a retail technology company formerly known as GetUpside, announced that it had raised $65 million in equity funding and $100 million in debt funding from the venture capital firm General Catalyst, with participation from existing investors including Bessemer Ventures and Builders VC.
The fundraising brings Upside’s valuation to $1.5 billion.
Upside is a two-sided marketplace platform that’s proven to generate additional profits for businesses, while giving users more purchasing power over the things they need every day, according to the company. More than 50,000 grocery stores, restaurants, gas stations and convenience stores across the country have partnered with Upside, and 30 million consumers have access to Upside 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.
“With inflation at a 40-year high, 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 buying power on the things they need,” said Upside Co-Founder and CEO Alex Kinnier. “We are always focused on win-win-win and pride ourselves on to have built the only product that delivers measurable benefits for all points of physical commerce.”
The company’s business model ensures that there are only benefits for users, businesses and communities. Following its rebranding, the company has an easier name to match. The evolution of the Upside brand aligns with its growth to date and the continued focus on mutual benefits for businesses, people and communities. This round of fundraising will be used to accelerate user growth, expand into new retail categories, invest in product development, and hire top talent.