Upper90, a hybrid fund that offers customized credit and equity solutions to e-commerce, fintech, and supply chain finance startups, has successfully raised $180 million in a capped initial closing for its third fund.
Since launching Fund I in 2018, Upper90 has managed and syndicated over $2.2 billion across 43 portfolio companies, including notable names like Octane, Crusoe Energy, Mundi, Thrasio, Filmrise, Heroes, Clutch, Karat, Beacon, and Settle.
The new fund was backed by an investor base of 300 entrepreneurs aimed at helping founders scale while minimizing dilution. Upper90’s investment strategy integrates tailored credit and equity for technology businesses with predictable revenue or collateral.
Billy Libby, co-founder and CEO of Upper90, noted, “Over the last 10 years, founders have faced fifty percent dilution during Series B rounds. In contrast, Upper90-backed founders retain significantly more ownership by leveraging credit at earlier stages for stronger aspects of their businesses. In the current environment of valuation pressures, alternative financing solutions are crucial.”
Founded in 2018 by executives from Seamless-GrubHub and Goldman Sachs, Upper90 advocates for a shift in how founders are evaluated. Jason Finger, co-founder and chairman of Upper90, stated, “At some point, the metric of success shifted from how much ownership founders retained to how much capital they raised, which is misaligned. While debt has often been perceived negatively, when used thoughtfully—as seen in real estate—it can significantly enhance equity returns for online business models with predictability or collateral.”