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Upfront Ventures

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Upfront Ventures
Company typePrivate
IndustryVenture Capital
Founded1996
FoundersYves Sisteron, Steven Dietz, Steve Lebow
HeadquartersSanta Monica, CA, U.S.
Key people
Mark Suster
Yves Sisteron
Kara Nortman
Websitewww.upfront.com

Upfront Ventures, formerly known as GRP Partners, is a Santa Monica-based venture capital firm that invests in early-stage technology companies. It is one of the largest venture capital firms in Los Angeles, with $2 billion in total raised funds.[1][2][3] Since its founding in 1996, Upfront Ventures has invested in more than 200 companies, with notable exits including Ulta,[4] Overture,[5] PayPal Credit,[6] TrueCar, Disney Digital Network, Kyriba,[7] and Ring.

History

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Upfront Ventures was founded by Yves Sisteron, Steven Dietz and Steve Lebow in 1996 in Century City, Los Angeles under the name GRP Partners.[8]

GRP Partners was best known for investing in chain restaurants like P. F. Chang's and Starbucks, as well as retailers like Costco and Ulta,[4] but it also invested in tech companies such as PayPal Credit, Overture, and Disney Digital Network.[5] Mark Suster joined GRP Partners in 2007 as general manager,[1] and became a managing partner in 2011.[9]

In 2013, the company renamed itself to Upfront Ventures, a rebranding intended to reflect transparency and openness with startups in their early stages, and in reference to the entertainment industry's upfronts. The company also moved to Santa Monica, California, placing it in closer proximity to Los Angeles' tech and startup center, Silicon Beach, although the company makes investments in companies all over the world.[8][6] The firm also opened a San Francisco office in 2020. [10]

In 2015, the company named rap artist Chamillionaire as its "entrepreneur-in-residence", where he developed the Convoz app.[11]

In July 2017, Upfront created a $400 million fund, specifically established for investing in startups over the next several years.[2]

Upfront Ventures also hosts the Upfront Summit tech conference, held in Los Angeles.[12]

In 2020, Upfront engaged in the payroll space by leading seed round funding for Clair.[13]

Funding rounds
Year Amount
2017
 
 $402 million
2014
 
 $280 million
2013†
 
 $200 million
2008
 
 $185 million
2000
 
 $390 million
Sources:[2][5][6][14][a]

Investments

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The firm’s notable investments include:

Notes

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  1. ^ † Both LA Times sources give conflicting amounts for 2013, with Andrea Chang reporting $200 million for 2013 (in an article published on June 27, 2013)[8] and Paresh Dave reporting $230 million for 2013 (in an article published on July 4, 2017).[2] The Chang source is used in the graph.

References

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  1. ^ a b "Full transcript: Venture capital firm Upfront Ventures' Mark Suster on Recode Decode". Recode. April 20, 2018.
  2. ^ a b c d Dave, Paresh (July 4, 2017). "Upfront Ventures, L.A. County's biggest venture capital firm, just got bigger". The Los Angeles Times.
  3. ^ Chang, Andrea (June 8, 2015). "L.A.'s tech industry is booming, but how big is it?". The Los Angeles Times.
  4. ^ a b Dealbook (October 26, 2007). "Ulta Salon's Backers Reap Solid Returns from I.P.O." New York Times.
  5. ^ a b c Grant, Rebecca (June 27, 2013). "L.A.-based GRP Partners closes new $200M fund, rebrands as Upfront". Venture Beat.
  6. ^ a b c Lawler, Ryan (2013). "GRP Partners Raises $200 Million Fund, Nabs New Office Space And Rebrands As Upfront Ventures". Tech Crunch.
  7. ^ "Kyriba Investment Lands Bridgepoint With Majority Stake". Pymnts. March 26, 2019.
  8. ^ a b c Chang, Andrea (June 27, 2013). "GRP Partners becomes Upfront Ventures, announces $200-million fund". The Los Angeles Times.
  9. ^ "Upfront Ventures' Mark Suster Quickly Bought in to L.A.'s Future as a Tech Development Hub | Los Angeles Business Journal". labusinessjournal.com. April 7, 2017.
  10. ^ "Upfront Ventures opens San Francisco office, led by new partner Maliwal". Venture Capital Journal. Retrieved 3 August 2023.
  11. ^ Kosoff, Maya (February 25, 2015). "Rapper Chamillionaire is now an entrepreneur-in-residence at a venture capital firm". Business Insider.
  12. ^ Dave, Paresh (February 8, 2016). "Upfront Summit, ads and acquisitions of Mophie and Represent among week's L.A. tech highlights". Los Angeles Times.
  13. ^ PYMNTS (2020-10-09). "Clair Notches $4.5M To Help Gig Workers". PYMNTS.com. Retrieved 2020-10-19.
  14. ^ Carney, Michael (16 December 2014). "Upfront Ventures raises the bar on LA with a $280M fifth fund". Pando.
  15. ^ Watson, Elaine (July 31, 2018). "Apeel Sciences raises $70m to expand applications for its plant-based invisible skin". Food Navigator USA (Press release).[promotional source?]
  16. ^ Sawers, Paul (October 30, 2018). "Google joins $40 million investment in same-day delivery platform Deliv". Venture Beat.
  17. ^ "Qordoba Announces $11.5 Million Series B Funding, Led by Aspect Ventures". Venture Beat. October 11, 2018.
  18. ^ "GRP Partners Gets IPO At Qualys". SoCal Tech. 28 September 2012.
  19. ^ Del Rey, Jason (10 September 2015). "Secondhand Clothing Site ThredUp Raises $81 Million at Valuation Around $500 Million". Vox.
  20. ^ DeMott, Rick (5 March 2001). "UGO Networks Raises $23 Million". Animation World Network.
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