Upper90

Upper90 Research Investment Thesis Upper90 is a hybrid credit and equity investment firm that fundamentally believes founders should own more of their companies, not less. The firm's core thesis is "it's not how much you raise, it's how much you own." Upper90 disrupts traditional venture capital by combining senior-secured asset-backed credit with equity investments to help technology founders scale efficiently while retaining meaningful ownership stakes. The firm targets capital-intensive E-Commerce and fintech businesses that can benefit from debt financing against predictable revenue streams or collateral. By providing credit earlier in the company lifecycle, Upper90 enables founders to delay or skip traditional Series A rounds, maintaining greater equity ownership while accelerating growth. Market Opportunity & Strategic Focus Upper90 operates at the intersection of three major trends: Data-Driven Asset Classes: The explosion in data enables startups to access credit earlier for the healthier parts of their business, including marketing spend, inventory, equipment, and receivables. This represents a fundamental shift from equity-only capital. E-Commerce Democratization: Platforms like Amazon, Facebook, Google, and TikTok have dramatically lowered barriers to starting online businesses. However, founders still need capital for marketing, payroll, and inventory scaling—areas where Upper90's credit solutions excel. Fintech Horizontalization: Fintech is becoming a foundational layer across all industries. Companies with customer bases and proprietary data increasingly want to offer financial products, creating opportunities for Upper90's specialized financing structures. Investment Structure & Check Sizes Upper90 employs a distinctive hybrid model: 90% Credit: Senior-secured asset-backed loans ranging from $5-25M initially, scaling to $250M+ for proven businesses 10% Equity: Meaningful equity stakes (typically 10-20%) to align incentives with founders Initial credit facilities can save founders $150M+ in dilution compared to traditional venture funding. While a typical founder faces ~20% dilution through seed rounds and ~50% through Series B, Upper90-backed founders retain approximately 30% more ownership of their company. Stage Focus & Investment Thesis Upper90 focuses on Seed through Series B stage companies, with a preference for: Early entry: Being the first institutional lender allows Upper90 to establish senior position Predictable revenue businesses: E-commerce companies with data-backed inventory and cash flow models Capital-intensive models: Businesses where credit can be productively deployed against specific assets The firm targets businesses where they can provide large credit lines (sometimes 10x+ the equity raised) backed by predictable revenue streams or specific asset collateral. Portfolio & Market Performance As of November 2025, Upper90 has invested in 52 portfolio companies with $2.2+ billion deployed since inception. The portfolio spans diverse sectors including: E-Commerce & Marketplaces: Thrasio (Amazon aggregator, multi-billion valuation) Elevate Brands Razor Group Superordinary Fintech & Payments: Clearco (formerly Dispatch, capital-as-a-service platform) Mundi (Latinamerica's leading digital wallet and payments platform) Octane (fintech for transportation/automotive) January (financial management) Settle (payments) Trust (financial products) MoneyLion (financial wellness) Enterprise & Supply Chain: ComFreight (supply chain logistics) Crusoe Energy (energy-efficient computing) E2Log (supply chain) Stax Engineering (industrial automation) Professional Services & Content: Applause (QA and customer experience services) Beacon (professional services) FilmRise (streaming content) Upro XX (entertainment) Recent Activity & Fund Status Upper90 is actively deploying capital from Fund III, which closed at $180M in 2022. Recent notable investments include: December 2025: Continued active deployment (Mundi investment) 2024: $100M financing facility to 160 Driving Academy 2023-2025: Consistent pace of 2-3 new investments per year The firm has announced plans for SEC registration and continued fundraising from institutional investors, indicating growth trajectory and professionalization. Team & Leadership Upper90 is led by three managing partners with complementary expertise: Billy Libby (Co-Founder & CEO): Former data scientist/analytics leader, deep expertise in predictive modeling and credit assessment Jason Finger (Co-Founder & Chairman): Seasoned capital markets expert with deep relationships in institutional investing William Geist (Managing Partner): Financial expertise and partner ecosystem development Additional leadership includes Greg Vilkin (Partner, CFO & CCO), Michael Graver (Principal, Head of Investor Relations), and other operating partners. The firm maintains 25+ person team with investment, operations, and investor relations functions. Advisors include prominent entrepreneurs and investors: Bebe Chueh (Atrium co-founder), Mark Gerson (GLG co-founder), Jenny Just (Peak6 co-founder), and others, providing operational support network. Geographic & Sector Focus Upper90 primarily invests in the United States, with headquarters in New York. The firm focuses on three primary sectors: E-Commerce & Marketplaces (including SaaS-enabled services) Fintech & Payments Enterprise Technology & Supply Chain The firm has demonstrated strong interest in data-predictable business models rather than technology category. Decision Process & Investment Pace Upper90 operates with founder-friendly efficiency: Decision Timeline: 1-4 weeks from initial call to term sheet Process: Introductory call → Business deep dive → Financial deep dive → Investment committee review → Terms presentation Decision Making: Partnership model with investment committee; management team makes decisions with speed as priority Close Rate: Fund closes vast majority of term sheets offered Value-Add & Founder Support Beyond capital, Upper90 provides: Capital Markets Access: Help accessing larger credit facilities, bank debt preparation, and syndication as companies scale Operational Support: Go-to-market strategy, customer introductions, talent acquisition Founder Network: Access to LP network of 300+ operators and founders for business development Audit & Tax Support: Financial infrastructure preparation for later-stage fundraising Long-Term Partnership: Generally invest across company lifecycle with follow-on rounds Notable Portfolio Exits & Returns While the firm was founded in 2018, it has generated strong returns through portfolio company growth. Several portfolio companies have reached unicorn status or significant scale, demonstrating the strength of the hybrid capital model. Unique Competitive Advantages Founder Ownership Focus: Rare emphasis on founder retention vs. dilution Credit + Equity Combination: Proprietary expertise in structuring productive debt against business assets Speed & Certainty: Fast decision-making and commitment to closing quoted term sheets Operational Network: 300+ founder and operator LPs provide sourcing and value-add advantages Data-Driven Underwriting: Predictive modeling approach to credit assessment reduces risk Category Leadership: Essentially invented the hybrid credit + equity model for venture capital Founder Profile Preferences Upper90 backs founders in: Capital-intensive, data-predictable business models E-commerce, fintech, supply chain, marketplace businesses Teams with strong unit economics and cash flow management Founders who prioritize ownership retention over maximum valuation The firm does NOT typically invest in: Hardware or capital equipment businesses (outside expertise) Pure software/SaaS with low capital requirements Consumer subscription businesses without asset collateral Businesses without predictable revenue patterns Fund Status & Deployment Upper90 Fund III ($180M+ committed) is in active deployment phase. With approximately 52 portfolio investments and continuing deployment, the firm has deployed significant capital but retains dry powder for follow-on rounds and new investments. The firm's commitment to continued institutional fundraising and SEC registration suggests strong performance and confidence in the model.