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Upside Financing
Extended payment terms for CPG companies
- 21-100 employees
- Fintech
- B2B
- Enterprise
- Payments
- SaaS
- Accounting
- Congress Avenue Historic District, Austin, TX
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Company mission
Tackling one of the biggest problems across the CPG industry: mis-matched payment terms.
Our take
Growing a CPG brand is incredibly working capital intensive, with inventory tying up ~40% of your cash. To unlock growth, companies can end up cutting dangerously fine to zero cash balances.
Upside helps tackle this growth problem for CPG companies by unlock net 30, 60, 90, and 120 day payment terms. That means they can produce new inventory when they need it, without interrupting their cash flow.
The startup is determined to launch a product that is a user-friendly as possible. That means pursuing further integrations with accounting software providers like Quickbooks while also delivering helpful features like credit limits.
Ultimately, the startup’s biggest challenge will be maintaining a healthy risk profile. In covering growing CPG companies’ inventory costs for months at a time it is taking a risk that some of these growing companies might fail. However, investment in its assessment technologies combined with healthy debt facilities should mean it can absorb some of these losses.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Wellness: Fully covered medical, dental, and vision + $100/mo to spend on your wellness, however you see fit
- Generous time off & flexible working hours: Work when you're at your best and rest when you need it
- Equity and Inclusion: We’re building a culture with E&I at the center of how we operate, not the fringes
- Ongoing education: We cover the costs of books, podcasts, and classes that support career growth related to your role and our industry
- Team retreats and travel: We cover the cost of bi-annual team retreats, ad-hoc team meetings, and travel no questions asked
Funding (2 rounds)
Feb 2022
$10m
SEED
Feb 2021
$2m
SEED
Total funding: $12m
Leadership
Justin Tormey
(Head of Platform)Joined Blockchain.com at the time of their Series A. Co-Founded two of his own SaaS businesses. Also worked as Head of Development at FlowEngine.
Nicholas Mares
(CEO)Previously founded Kettl & Fire, a shelf-stable, grass-fed bone broth provider. Also worked as a Project Manager at Zoomer, a Y Combinator company.