Uplift, a travel financing startup, has announced that it has raised $123 million in Series C funding. This significant investment brings the company’s valuation to $195 million, according to reports from PitchBook.
A Brief History of Uplift
Founded by Brian Barth, who previously sold his travel startup SideStep to Kayak for $200 million, Uplift has been relatively quiet about its business until now. In an interview, Uplift’s president Robert Soderbery explained that the company had intentionally kept a low profile in order to keep its innovative idea under wraps.
"We’ve been exceedingly low-profile, because it’s a really good idea and we wanted to keep it secret," said Soderbery. "But now we’re at a size and scale where we’re ready to raise our visibility."
How Uplift Works
Uplift works with partners such as United Airlines, Southwest, American Airlines, Allegiant Travel Company, and Kayak to offer financing options to travelers. This allows consumers to pay for their trips in monthly installments, making travel more accessible and affordable.
For example, if a family is considering a trip to Disneyland that costs $2,000, Uplift might be able to offer a one-year financing plan with monthly payments of $189.
"We make it really easy for consumers to understand," said Soderbery. "It’s a convenient way to book travel, it reduces the upfront cost and encourages them to book more often, which in turn drives conversion for our travel partners."
A Growing Market
Uplift is not the only company offering financing options for travelers. Companies like Affirm have been expanding into the travel industry, but Uplift is the only lending company focused entirely on travel.
"Planning and purchasing travel is really different from buying a mattress or a gym membership," said Soderbery. "It’s a different kind of product and different technology."
Funding and Future Plans
Uplift has previously raised $23 million in funding, but the new Series C round brings the total to $146 million. The company is expected to use this investment to bring on new partners, offer new services, and grow its business.
"We stand behind our partners," said Soderbery. "We don’t bring customers to our site to try to create a marketplace, we’re not trying to build a consumer platform, we’re building a platform for travel partners."
Conclusion
Uplift’s innovative approach to travel financing has resonated with investors, and the company is expected to continue growing in the future. With its unique focus on the travel industry and partnerships with major airlines and travel companies, Uplift is poised to become a leader in the field of travel financing.
Funding Breakdown
- Series C funding: $123 million
- Pre-money valuation: $195 million (according to PitchBook)
- Previous funding: $23 million
Investors
The Series C round was led by Madrone Capital Partners, with participation from Draper Nexus, Ridge Ventures, Highgate Ventures, Barton Asset Management, and PAR Capital.
"Uplift’s focused business model of bringing flexible payments to travel is a winner," said Jamie McJunkin, partner at Madrone Capital Partners. "We’re excited to support the company as it continues to grow and expand its reach."
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