Key Stats
Upside holds a private valuation of approximately $1.5 billion, reaching unicorn status in 2022.
The company has raised $291 million in total funding across multiple rounds (The Motley Fool).
Over 100,000 participating locations across U.S. gas stations, grocery stores, and restaurants.
Upside processes roughly $6 billion in commerce annually and has delivered $1 billion in cash back to consumers (CB Insights).
Upside is owned by Upside Services, Inc., a privately held company headquartered in Washington, DC. The ownership is split between the founding team, institutional investors like General Catalyst and Bessemer Venture Partners, and employees with stock options. Because Upside is private, its shares are not traded on any public stock exchange.
Originally launched as GetUpside in 2016, the company rebranded to Upside in 2022 alongside its $165 million Series D funding round. The platform partners with fuel, grocery, and restaurant businesses to offer consumers cash-back rewards. In March 2025, Upside partnered with card-issuing platform Marqeta to expand payment integrations, and in September 2025, it launched a Spanish-language version of its app.
Who Owns Upside App?
Upside Services, Inc. is the legal entity behind the Upside app. It is a private company, meaning its ownership structure is not disclosed publicly the way publicly traded companies report their investors.
Private Ownership Breakdown
The ownership is distributed across three main groups. The founding team, led by co-CEO Alex Kinnier, retains a large equity stake. Institutional investors, including General Catalyst, Bessemer Venture Partners, Builders VC, Vista Equity Partners, and Aramco Ventures, hold minority positions acquired through successive funding rounds. Employees also likely hold shares through stock option plans, a standard practice among venture-backed startups.
Because Upside is private, exact ownership percentages remain confidential. For anyone looking to buy shares, secondary marketplaces like Nasdaq Private Market occasionally list Upside stock, but access is restricted to accredited investors.
Who Is on the Board of Directors for Upside App?
The board of directors at Upside provides governance and strategic direction. According to public records, the board includes a mix of company founders, venture capital representatives, and independent directors.
Alex Kinnier — CEO and Co-Founder
Kinnier co-founded Upside in November 2015 and has served as CEO since. He earned an MBA from Harvard Business School and a BS in Chemical Engineering from Lehigh University. Before Upside, he was SVP of Products and Engineering at Opower and a partner at Khosla Ventures. At Google, he built the large-advertiser ad-server system, gaining experience in data-driven personalized promotions.
Jeremy Levine — Investor Director
Levine is a partner at Bessemer Venture Partners since 2001, focused on software and internet investments. He has sat on boards of multiple tech companies and represents Bessemer’s ongoing commitment to Upside after participating in multiple funding rounds.
Gideon Yu — Finance and Sports Executive
Yu is a co-owner of the San Francisco 49ers and was the first NFL team president of color. He previously served as CFO at both Facebook and YouTube. Yu led YouTube’s $1.65 billion sale to Google and directed Facebook’s $375 million round from Microsoft. He holds degrees from Stanford and Harvard Business School.
Zuhairah Washington — Digital Marketplace Expert
Washington is Senior Vice President and General Manager at Zillow Group. She previously served as President and CEO at Otrium and SVP at Expedia Group. Before that, she was an early executive at Uber. Washington also sits on the board of Five Below and brings experience in building consumer-facing digital marketplaces.
William Spurgeon — Director
Spurgeon serves as a board director at Upside. Detailed public background information for Spurgeon is limited, though his inclusion on the board alongside major venture capital figures suggests relevant industry or financial expertise.
History of Upside App Co-Founders
The company was founded in late 2015 and formally launched in 2016 under the name GetUpside. The founding team saw an opportunity to use transaction data and personalized promotions to help brick-and-mortar retailers compete more effectively with e-commerce.
The Founding Team
Five co-founders built the company. Alex Kinnier brought product and engineering leadership from Google and Opower. Wayne Lin, who serves as COO, co-founded the platform alongside Kinnier. Rick McPhee, co-founder and head of engineering, oversaw the technical infrastructure. Joanna Kochaniak contributed during the early formation phase. Scott Case initially held a co-CEO role alongside Kinnier.
From GetUpside to Upside
The app initially focused on gas station cash back. By 2022, it had expanded to restaurants and grocery stores, prompting the rebrand from GetUpside to Upside. That same year, the company reported a 270% increase in app users and a 280% rise in offer claims, attracting partners like Domino’s and Pizza Hut. The rapid evolution of retail technology created fertile ground for Upside’s expansion across multiple consumer spending categories.
Upside Funding Rounds
Largest Shareholders of Upside App
The shareholder base of Upside reflects a typical venture-backed startup structure, with capital flowing from institutional funds, founders, and employees across multiple rounds.
General Catalyst
General Catalyst led the $65 million Series D round and participated in the $100 million debt round, both in April 2022. The firm has backed Stripe, Airbnb, and HubSpot, and its repeated investment signals strong conviction in Upside’s model of data-driven retail promotions.
Bessemer Venture Partners
Bessemer led the $35 million Series C in September 2020 and continued investing in later rounds. The firm’s portfolio exits include LinkedIn, Shopify, and Yelp. Partner Jeremy Levine represents Bessemer on Upside’s board.
Vista Equity Partners and Builders VC
Vista Equity Partners and Builders VC both appear among Upside’s investors. Vista is a private equity firm focused on enterprise software, while Builders VC invests in companies connecting to real-world commerce.
Aramco Ventures
Aramco Ventures, the corporate venture arm of Saudi Aramco, has also invested. This aligns with Aramco’s interest in downstream fuel retail and consumer technology, since gas stations remain central to Upside’s network.
Founders and Employees
Co-founders Alex Kinnier, Wayne Lin, Rick McPhee, Joanna Kochaniak, and Scott Case retain equity stakes. The company also maintains an employee stock option plan. As of late 2024, Upside Services, Inc. had roughly 262 employees.
Investor Participation Across Rounds
FAQs
Is Upside a publicly traded company?
No. Upside is privately held by Upside Services, Inc. Its shares are not listed on any public stock exchange. Only accredited investors can access shares through secondary markets.
Who is the CEO of the Upside app?
Alex Kinnier is the co-founder and CEO of Upside. He has led the company since its founding in November 2015 and previously worked at Google, Opower, and Khosla Ventures.
How much funding has Upside raised?
Upside has raised approximately $291 million across multiple rounds, including Series B, C, D, and a $100 million conventional debt round in April 2022.
What is Upside’s current valuation?
Upside reached a valuation of approximately $1.5 billion in 2022 when it closed its Series D round, earning unicorn status in the process.
Who are the main investors in the Upside app?
General Catalyst, Bessemer Venture Partners, Builders VC, Vista Equity Partners, and Aramco Ventures are the primary institutional investors in Upside.
