Upper90

Upper90 underwrites based on unit economics and revenue predictability — churn rates, customer lifetime value, and subscription durability — rather than the hard-asset collateral or covenant-heavy structures typical of bank-issued venture debt. The firm also layers in equity upside through structured instruments, aligning its returns with company performance while keeping dilution lower than a primary equity round.

Co-founders Billy Libby and Jason Finger jointly shape the firm's investment strategy. Libby, as CEO, leads day-to-day deployment and fund operations. Finger, as Executive Chairman, contributes operator insight drawn from co-founding Seamless and scaling it through an acquisition by Grubhub. Their combined backgrounds in structured finance and startup operations inform every credit and equity decision.

The firm targets high-growth private technology companies with recurring revenue models. Sectors include enterprise software, fintech, digital health, AI infrastructure, and select real estate platforms. Confirmed portfolio names span from Klarna and CoreWeave to Sword Health — all characterized by predictable subscription or transaction-based cash flows that support Upper90's structured underwriting approach.

Upper90 deploys hybrid instruments that blend debt and equity features — structured equity, convertible notes, and revenue-based financing. The firm does not lead conventional priced equity rounds but will embed equity kickers in credit facilities. This allows founders to access growth capital with less dilution than a standard venture raise.

Upper90's origination combines direct founder outreach with referrals from venture capital firms whose portfolio companies need non-dilutive growth capital. Jason Finger's operator network — built through the Seamless/Grubhub ecosystem and broader New York and Providence technology circles — provides a proprietary sourcing channel. The firm also receives inbound demand from founders specifically seeking alternatives to dilution-heavy equity rounds.

The firm concentrates on North America, with its headquarters in Providence, Rhode Island. Select investments extend into European growth-stage companies where recurring-revenue business models — particularly in fintech and enterprise software — mirror the underwriting profile Upper90 targets domestically.