New York-based investment firm upper90 closed its third fund at $180 million, as it seeks to back FinTech, e-commerce and supply chain finance companies.
The vehicle was backed by a strategic investor base of 300 entrepreneurs.
Upper90 claims to have pioneered an investment model that combines credit and equity tailored to align with tech companies that have predictable earnings or collateral.
With Fund III, the company will continue its founder-friendly credit strategy, which helps companies solve their capital needs, while maximizing ownership and control.
Since its inaugural fund in 2018, Upper90 now manages more than $2.2 billion across 43 portfolio companies. The investor previously raised $55 million in 2021 to support 15 companies.
“Over the past 10 years, founders have faced fifty percent dilution in Series Bs. health of their businesses. With valuations under pressure, access to alternative financing solutions is a priority,” said Billy Libby, co-founder and CEO of Upper90.
“Ninety percent of the world’s data has been created in the last year, which has personalized every aspect of our lives, and we launched Upper90 because there should be a similar trend in the way whose startups are capitalized.
Its portfolio includes several e-commerce and FinTech startups, including Octane, Crusoe Energy, Mundi, Thrasio, Filmrise, Heroes, Clutch, Karat, Beacon and Settle.
Last year, Upper90 joined the Rally Series B, which allows consumers to invest in collectibles. The company raised $30 million in equity and $50 million in debt, with debt provided by Upper 90.
The current financial market is going through a period of turbulence and there are fears that capital is drying up. FinTech Global recently spoke with a number of players in the FinTech space to find out if FinTech companies should be concerned.
Regarding investment capital, many agreed that it will be more difficult for some companies to raise capital, but it will still be available for strong companies.
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