Upper90 Company Profile

Background

Overview

Upper90 is a hybrid investment firm specializing in providing tailored credit and equity solutions to technology-driven businesses, particularly in the e-commerce, fintech, and supply chain finance sectors. Established in 2018 by executives from Seamless-GrubHub and Goldman Sachs, the firm aims to empower founders by offering capital that minimizes dilution and accelerates growth.

Mission and Vision

Upper90's mission is to revolutionize startup financing by combining credit and equity to support businesses with predictable revenue streams or collateral. The firm envisions a landscape where founders retain greater ownership while scaling their companies efficiently.

Primary Area of Focus

The firm focuses on providing hybrid growth capital to technology-enabled businesses, emphasizing e-commerce, fintech, and supply chain finance sectors. By leveraging data-driven approaches, Upper90 offers flexible financing solutions that align with the unique needs of each portfolio company.

Industry Significance

Upper90 has emerged as a significant player in the alternative credit space, offering innovative financing options that bridge the gap between traditional venture capital and institutional credit. Its approach has attracted a diverse investor base and positioned the firm as a preferred partner for high-growth startups seeking to optimize their capital structures.

Key Strategic Focus

Core Objectives

Founder-Friendly Financing: Provide capital solutions that enable founders to scale their businesses while retaining substantial ownership.

Flexible Capital Structures: Offer a combination of credit and equity tailored to the specific needs and growth trajectories of portfolio companies.

Data-Driven Decision Making: Utilize data analytics to assess risk and identify optimal financing strategies for each investment.

Specific Areas of Specialization

E-commerce Aggregators: Support businesses consolidating subscale brands to achieve operational leverage and marketing expertise.

Fintech Innovations: Invest in technology-driven financial services that disrupt traditional banking and payment systems.

Supply Chain Finance: Provide capital solutions that enhance the efficiency and transparency of supply chain operations.

Key Technologies Utilized

Upper90 employs advanced data analytics and machine learning algorithms to evaluate creditworthiness, forecast revenue streams, and optimize capital allocation. This technological approach enables the firm to offer customized financing solutions that align with the unique needs of each portfolio company.

Primary Markets Targeted

The firm primarily targets high-growth startups in the United States, with a particular focus on technology-enabled businesses in the e-commerce, fintech, and supply chain finance sectors. Upper90's flexible capital solutions are designed to support companies at various stages of growth, from seed to Series B and beyond.

Financials and Funding

Total Funds Raised

As of December 2025, Upper90 has raised over $1.2 billion in assets under management (AUM) and has originated over $1 billion in additional co-investment capacity to limited partners through special purpose vehicles (SPVs) and direct opportunities.

Recent Funding Rounds

Fund III Launch (August 2022): Upper90 raised $180 million in a capped initial closing for its third fund, with commitments from a strategic investor base of 300 entrepreneurs.

Equity Fund Focused on E-commerce (April 2021): The firm closed a $55 million equity fund dedicated to e-commerce businesses, primarily focusing on e-commerce aggregators.

Notable Investors

Upper90's investor base includes over 300 business builders, comprising industry leaders across venture capital, technology, real estate, and quantitative trading sectors. This diverse group provides strategic guidance and access to proprietary opportunities for portfolio companies.

Intended Utilization of Capital

The capital raised is allocated to support the growth of portfolio companies through flexible financing solutions, including credit facilities and equity investments. These funds are utilized to accelerate expansion, enhance operational capabilities, and optimize capital structures, enabling companies to scale efficiently while minimizing dilution.

Pipeline Development

Key Pipeline Candidates

Upper90 has a history of partnering with high-growth companies across various sectors, including:

E-commerce Aggregators: Businesses consolidating subscale brands to achieve operational leverage and marketing expertise.

Fintech Innovations: Technology-driven financial services disrupting traditional banking and payment systems.

Supply Chain Finance: Companies enhancing the efficiency and transparency of supply chain operations.

Stages of Clinical Trials or Product Development

As a financial firm, Upper90 does not engage in clinical trials or product development. Instead, it focuses on providing capital solutions to companies at various stages of growth, from seed to Series B and beyond.

Target Conditions

Upper90 targets technology-enabled businesses with predictable revenue streams or collateral, particularly in the e-commerce, fintech, and supply chain finance sectors. The firm seeks companies that can benefit from flexible financing solutions to accelerate growth and optimize capital structures.

Relevant Timelines for Anticipated Milestones

Upper90's investment approach is dynamic, with timelines for anticipated milestones varying based on the specific needs and growth trajectories of each portfolio company. The firm works closely with founders to establish and achieve key performance indicators (KPIs) aligned with their strategic objectives.

Technological Platform and Innovation

Proprietary Technologies

Upper90 employs advanced data analytics and machine learning algorithms to evaluate creditworthiness, forecast revenue streams, and optimize capital allocation. This technological approach enables the firm to offer customized financing solutions that align with the unique needs of each portfolio company.

Significant Scientific Methods

The firm utilizes data-driven decision-making processes, leveraging predictive modeling and analytics to assess risk and identify optimal financing strategies. This approach allows Upper90 to provide flexible capital solutions tailored to the specific needs of each portfolio company.

Leadership Team

Key Executive Profiles

Billy Libby – Co-Founder and CEO

Billy Libby co-founded Upper90 in 2018 and serves as its CEO. Prior to Upper90, he was the Head of Quantitative Execution Sales at Goldman Sachs. Billy is passionate about providing founder-friendly financing solutions that enable entrepreneurs to retain ownership while scaling their businesses.

Jason Finger – Co-Founder and Chairman

Jason Finger is the Co-Founder and Chairman of Upper90. He co-founded Seamless, which later merged with GrubHub, and served as its CEO. Jason brings extensive experience in building and scaling technology-driven businesses, focusing on innovative financing solutions that support founders in maintaining ownership.

Alex Urdea – Co-Founder and CIO

Alex Urdea serves as the Chief Investment Officer (CIO) and Co-Founder of Upper90. Before Upper90, he was a Managing Director and Director of Risk at Solus Alternative Asset Management. Alex's expertise lies in risk management and investment strategy, contributing to Upper90's data-driven approach to financing.

Leadership Changes

As of December 2025, there have been no publicly disclosed significant changes or appointments within Upper90's leadership team.

Competitor Profile

Market Insights and Dynamics

The alternative credit market has experienced significant growth, with increasing demand for flexible financing solutions that bridge the gap between traditional venture capital and institutional credit. Companies are seeking capital structures that allow for rapid scaling while minimizing dilution.

Competitor Analysis

Upper90 operates in a competitive landscape with several notable players:

1315 Capital: Founded in 2014, 1315 Capital focuses on providing growth capital to healthcare companies.

Inovia Capital: Established in 2007, Inovia Capital is a venture capital firm investing in early-stage technology companies.

Ribbit Capital: Founded in 2012, Ribbit Capital specializes in fintech investments, supporting companies that are transforming financial services.