NEW YORK, Dec. 10, 2020 /PRNewswire/ — Upper90 announces that it has raised $195 million to provide founder-friendly credit and equity to top disruptors in e-commerce, enterprise and fintech. Upper90 has more than $400 million in AUM since launching in 2018 and is backed by 300 Limited Partners who are industry leaders across venture capital, technology, real estate and quantitative trading. Upper90’s first fund has more than 20 investments including leading brands like Thrasio, Clearbanc, Octane Lending and Crusoe Energy.
“A founder’s success is too often measured by how much equity she or he has raised,” said Billy Libby, Co-Founder and CEO of Upper90. “At the same time, data is exploding and has become an asset for all companies allowing them to utilize credit earlier for their predictable future revenue streams. We believe it’s the right time for entrepreneurs with capital-intensive businesses to think about dilution-sensitive ways to finance growth. Equity is an answer, it’s just not the only answer.”
Upper90’s unique LP structure solely consisting of individuals powers Upper90’s flexible investment capabilities and includes leading entrepreneurs and Venture Partners who have committed to helping Upper90’s portfolio companies in return for access to the fund. Upper90 is usually the first credit provider with check sizes starting at two million dollars and scaling to more than one hundred million dollars.
“I can say unequivocally that Upper90 is unique in the market and has been a critical part of our ability to scale.” said Josh Silberstein, Co-Founder and CEO, Thrasio. “The early credit they provided us was foundational to our fast-growth trajectory. We have been so impressed with their partnership that they have become a consigliere to our firm, more than just a capital partner — a trusted advisor that we can call for a thoughtful perspective on even our most complex strategy decisions.”
“As an entrepreneur myself, I have seen first-hand that highly dilutive equity is often in conflict with the team’s and seed investors’ long-term economic interests. The people who take the biggest risk in building a business deserve innovative and effective capital solutions, as well as a roster of world-class advisors, so they can maintain the greatest ownership practicable of the companies they’re building,” adds Jason Finger, Co-Founder and Chairman of Upper90. “The best early-stage investors and successful entrepreneurs building a second or third business are the greatest source of inbound referrals for us. I think that says it all.”