January 16, 2024

Upshop Announces Strategic Investment from Level Equity

Investment Highlights Unprecedented Market Opportunities, Signaling a New Era in Food Retail Technology Advancements

New York, NY – Jan 17, 2024 — Upshop, a leading store operations and omnichannel technology platform for food retail, proudly announces a strategic growth investment from Level Equity, a leading global growth equity firm. This strategic move solidifies Upshop’s dedication to leveling up the food retail industry through cutting-edge technology and innovative associate tools. Prairie Capital and existing shareholders will maintain a minority investment in the company.

The news comes on the heels of Upshop’s strong year of performance and prestigious industry recognition for the sustainability impact its platform has across the food retail supply chain.

Upshop stands as the foremost provider of a Software as a Service (SaaS) platform designed to streamline forecasting, ordering, production, and inventory optimization processes for food retailers. The unified platform simplifies and enhances associate tasks, fostering smarter and more interconnected operations across Fresh, Center, DSD, and eCommerce departments. Boasting a clientele of over 150 retailers and 30,000 stores, Upshop has empowered customers with substantial enhancements in sales, shrink reduction, food safety, and sustainability throughout their stores.

Upshop has firmly established itself as the go-to technology provider for food retail, evident through extensive market interviews and partnerships with industry giants such as Kroger and Wegmans. Shamus Hines, CEO of Upshop, expressed his enthusiasm, stating, “Our vision for a connected store is now a reality, and it’s working. We’ve become the trusted partner for major players in the industry, a testament to our commitment to excellence and innovation.”

With Level Equity as a partner, Upshop aims to concentrate on crucial areas for growth, such as speeding up innovation and increasing investment in its products and technology. By tapping into Level Equity’s extensive experience in integrated software and retail operations, Upshop is set to boost its market growth.

“We have consistently done well supporting category-leading, system-of-record software innovators like Upshop.  Upshop’s innovative solutions, dedication to leveling-up the market and demonstrated ability to execute a successful acquisition strategy while simultaneously accelerating both organic growth and profitability is a potent combination.” said Ben Levin, Co-Founder and CEO of Level Equity.

Sarah Sommer, Level’s Co-Founder and Partner continued, “we have closely tracked the explosive demand for technology that can help food retailers do more with less. The labor challenge is real, and retailers are under pressure to empower associates and maximize their stores.  Technology is the unlock and we are thrilled to join forces with Shamus to help Upshop continue to enhance and grow their immense potential to solve this industry challenge.”

This investment signifies not only the advancement of technology but also Upshop’s commitment to doubling down on value for its customers. The company aims to deliver more significant benefits to retailers at the time they need it most, including the elimination of eCommerce order substitutions, 10x labor outcomes, and a reduction in on-hand inventory and shrink by 3x. As part of the ongoing plan in 2024 and beyond, Upshop is poised to provide its customers with a proprietary adoption playbook, ensuring they unlock more value as they embrace the platform.

Shamus Hines concluded, “Our customers need us more than ever, and we are committed to delivering unmatched value. The future of food retail is connected, and Upshop is leading the way.”

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