Upside, an app that allows consumers to get cash back at restaurants and other businesses, has raised $165 million.
Formerly known as GetUpside, the app generates cash-back offers from partner businesses, giving people an incentive to visit them. Since its founding in 2015, more than 50,000 U.S. restaurants, grocery stores, gas stations and convenience stores have joined the app, and more than 30 million people have used it, the company said. Restaurant partners include Popeyes, Wendy’s and Papa John’s.
Upside guarantees that its service is profitable to restaurants by keeping every promotion within their margin, according to its website. Partner businesses then share some of that profit with Upside. The idea is to help attract new customers that may not have otherwise patronized a business.
The Series D funding round was led by big venture capital firm General Catalyst. The financing is a combination of equity ($65 million) and debt ($100 million) and brings Upside’s value to $1.5 billion.
The Washington, D.C.-based company said it would use the funding to grow its user base and move into new retail categories.
“With inflation at a 40-year high, we are at an inflection point right now for brick and mortar businesses, consumers, and our communities,” said Upside co-founder and CEO Alex Kinnier in a statement. “As businesses look for new ways to profitably grow, consumers are looking for ways to gain more purchasing power on the things they need.”
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