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Venture Capital
upsidevc.com

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Investments

53

Portfolio Exits

9

Funds

2

About Upside Partnership

Upside Partnership is a true seed-stage investment firm building a portfolio of purpose-built founders creating high-profile companies. By making each founder a partner in the fund, the firm creates a community of people who uniquely understand each other's challenges and participate in each other's success.

Upside Partnership Headquarter Location

35 Miller Ave #233

Mill Valley, California, 94941,

United States

415-509-8057

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Latest Upside Partnership News

Smallstep Secures $26M in Funding to Further Practical Zero Trust by Automating Certificate Management

Jun 7, 2022

Led by well-known industry experts in distributed systems, company raises funding from leading venture capital firms Accel Partners, Bain Capital Ventures, boldstart ventures, StepStone Group and Upside Partnership April 28, 2022 08:00 AM Eastern Daylight Time SAN FRANCISCO--( BUSINESS WIRE )--Smallstep Labs, Inc. today announced that it has raised $26 million in total funding including a seed round of $7M led by boldstart ventures with participation from Accel Partners, Bain Capital Ventures and Upside Partnership, LLC., and a Series A of $19 million led by StepStone Group with participation from existing investors. The funding will be used to expand Smallstep’s focus on creating products for practical zero trust by investing in their open source community, and accelerating research and development to bring new features and expertise to securing infrastructure. Founded by Mike Malone, Smallstep focuses on automated certificate management, a critical foundation for DevOps’ teams to establish practical zero trust. The company has spent the past several years building a strong open source community with millions of downloads and hundreds of independent contributions from developers around the world. Smallstep’s mission is to enable companies to secure their entire infrastructure by identifying everything and everyone, issuing credentials, encrypting data and communications, and driving a strong security policy. “Smallstep is a passionate team making products and tools critical to infrastructure security,” said Hunter Somerville, general partner, StepStone Group. “Our investment in this team and their products was an easy decision to make.” “Our world is powered by a complex tangle of software and, since the early days of Smallstep, we’ve been focused on the fundamental problem of keeping it all secure,” said Malone, founder and CEO, Smallstep. “Certificates have been quietly providing an identity dialtone to the web for decades, but their utility extends beyond that use case. Certificate management is a Practical Zero Trust technology that every non-trivial system should have. This funding will enable us to bring automated certificate management to everyone. We’re fortunate to have an amazing group of investors who understand the need for this important core infrastructure and I’m excited to partner with them on this mission.” Smallstep is backed by an experienced team from leading developer-first companies including Sauce Labs, Minted, Kenna Security (Cisco), Let’s Encrypt (Internet Security Research Group), Pivotal and Dell EMC. Each member of the team at Smallstep has experienced the pain of certificate management in Kubernetes, Docker, cloud native, on-premise, and more – and seeks to bring production identity to every environment. “When we initially met with Mike, it was clear he was on a mission and we knew we wanted to partner with him immediately,” said Eliot Durbin, general partner, boldstart ventures. “Mike is a proven leader and innovator in the distributed systems space, and we look forward to working with the Smallstep leadership team as they build an exceptional company and massive category.” “The rapid rise of microservices and containers is eroding traditional network perimeter-based security. Certificates provide a source of truth for machine and production identity, but are tough to use at scale in modern architectures," said Enrique Salem, partner at Bain Capital Ventures. "Smallstep makes the power of certificates easy to access, helping developers secure the services and containers that create their application fabric." Supporting Resources

Upside Partnership Investments

53 Investments

Upside Partnership has made 53 investments. Their latest investment was in Forma as part of their Series B on March 3, 2022.

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Upside Partnership Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/8/2022

Series B

Forma

$40M

No

17

12/21/2021

Series A

Apella

$21M

Yes

6

10/5/2021

Series A

Commonstock

$25M

No

10

8/5/2021

Series A

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$99M

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10

7/5/2021

Seed VC

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$99M

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10

Date

3/8/2022

12/21/2021

10/5/2021

8/5/2021

7/5/2021

Round

Series B

Series A

Series A

Series A

Seed VC

Company

Forma

Apella

Commonstock

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Amount

$40M

$21M

$25M

$99M

$99M

New?

No

Yes

No

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Co-Investors

Sources

17

6

10

10

10

Upside Partnership Portfolio Exits

9 Portfolio Exits

Upside Partnership has 9 portfolio exits. Their latest portfolio exit was Turvo on June 01, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/1/2022

Acquired

3

11/16/2021

Acquired

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$99M

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10

11/9/2021

Acquired

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10

10/29/2021

Acquired

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10

9/7/2021

Acquired

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10

Date

6/1/2022

11/16/2021

11/9/2021

10/29/2021

9/7/2021

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

Acquirer

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Sources

3

10

10

10

10

Upside Partnership Fund History

2 Fund Histories

Upside Partnership has 2 funds, including Upside Partnership II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

4/12/2016

Upside Partnership II

Early-Stage Venture Capital

Closed

1

7/10/2014

Upside Partnership I

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$99M

10

Closing Date

4/12/2016

7/10/2014

Fund

Upside Partnership II

Upside Partnership I

Fund Type

Early-Stage Venture Capital

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Status

Closed

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Amount

$99M

Sources

1

10

Upside Partnership Team

1 Team Member

Upside Partnership has 1 team member, including current Founder, Kent Goldman.

Name

Work History

Title

Status

Kent Goldman

Founder

Current

Name

Kent Goldman

Work History

Title

Founder

Status

Current

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