UPshow, an in-venue entertainment and marketing platform that develops interactive digital TV networks, closed a $10 million venture debt facility led by Espresso Capital. UPshow will use the funds to make investments in its product development and go-to-market engine.
“There’s never been a better time to help brick-and-mortar businesses embrace on-premise digital transformation,” Adam Hirsen, CEO of UPshow, said. “We’re seeing increasing demand for our solutions and this capital will help us further accelerate our growth into new markets as we build our brand.”
“Adam and his team have developed the leading technology in this space and are changing the way that restaurant, fitness and health and wellness venues can engage with customers, patients and employees,” Mark Gilbert, director of Espresso Capital, said. “UPshow is disrupting a very large market and we believe it is on course to enjoy very strong growth as it expands into new markets and replaces traditional systems.”
Prior to the COVID-19 pandemic, UPshow began creating private digital TV networks to engage employees. During the pandemic, retail businesses have experienced unprecedented workforce challenges, high turnover and difficulties with training and engagement. As a result, UPshow’s back-of-house employee engagement product has gained interest from QSR hospitality brands that employ large, distributed and deskless workforces. UPshow is currently progressing pilot programs in this area with Burger King, Buffalo Wild Wings and Dunkin Donuts.
“We’re delighted to see the progress that UPshow is making as it expands its service offerings to include employee engagement,” Dan Malven, managing director at 4490 Ventures, which led UPshow’s Series A round, said. “Partnering with an innovative and trusted capital provider like Espresso to help accelerate that progress made total sense.”
“It’s been great working with Espresso,” Hirsen said. “We’ve had a close relationship with them for years and appreciate that they’re strategic partners who truly understand our business and the market opportunity we’re going after. Not only that, the non-dilutive venture debt facility from Espresso will improve our strategic flexibility and help us maximize enterprise value.”
