Upside
Early Stage
Fantasy sports & betting app where the players (i.e. users) own the House
Overview
Raised: $629,820
Total Commitments ($USD)
Platform
Republic
Start Date
08/21/2024
Close Date
12/15/2024
Min. Goal
$50,000
Max. Goal
$1,235,000
Min. Investment
$300
Security Type
SAFE
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$45,000,000
Discount
20%
Year Founded
2021
Industry
Media, Entertainment & Publishing
Tech Sector
GamingTech
Distribution Model
B2C
Margin
High
Capital Intensity
Low
Upside, with a valuation of $45 million, is raising funds on Republic. The company has developed a fantasy sports and betting platform that is owned by the people and operated for social good. Upside works on a player-ownership model and enables the players or users to own the House. The app allows players to earn equity for gameplay and referral and works on a patented NCAA bracket product that lets users change picks in real-time. Tom McAuley, Mark Brenner, Sam Williams, and Tom Alexander founded Upside in March 2021. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.24 million. The campaign proceeds will be used for marketing, debt repayment, general working capital, asset purchases, and charitable donations.
Summary Profit and Loss Statement
| FY 2023 | FY 2022 | |
|---|---|---|
|
Revenue |
$0 |
$0 |
|
COGS |
$0 |
$0 |
|
Tax |
$450 |
$758 |
| ||
| ||
|
Net Income |
$-695,098 |
$-275,985 |
Summary Balance Sheet
| FY 2023 | FY 2022 | |
|---|---|---|
|
Cash |
$0 |
$0 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$581,637 |
$222,472 |
|
Short-Term Debt |
$809,564 |
$115,307 |
|
Long-Term Debt |
$50,000 |
$385,000 |
|
Total Liabilities |
$859,564 |
$500,307 |
Financials as of: 08/21/2024
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Raise History
| Offering Name | Close Date | Platform | Valuation | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| Upside | 12/15/2024 | Republic | $45,000,000 | $629,820 | SAFE | Active | RegCF |
No prior online funding rounds.
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