Uptick Raises $2m From Mars Growth Capital to Revolutionise Field Services Industry

By: Mars Growth Capital via Business Wire

May 06, 2021 at 10:47 AM EDT

Mars Growth Capital has announced today the closing of a $2M USD financing agreement with Uptick, a leading provider of asset maintenance software for field servicing companies.

Uptick represents an amazing opportunity to streamline an industry and create an ecosystem around compliance and maintenance that doesn't exist anywhere in the world.

Uptick’s industry-leading product helps field servicing companies maintain over 25% of all commercial and multi-story residential buildings in Australia. Collectively their customers invoice $30M+ through Uptick every month. It attributes its rapid growth and adoption by the fire protection and compliance industry to an easy-to-use app, customer portal, and powerful office productivity tools.

The building compliance product - which leverages a network of contractors to streamline the annual certification and compliance process - has been adopted by major national brands like Commonwealth Bank, Scentre Group (owner and operator of Westfield) and ASmarter Communities (5000+ apartment buildings).

With more and more Australians choosing medium and high-density living, the need for stronger compliance is also growing. Uptick software is enabling residential building management services to improve maintenance operations while creating safer living environments.

Uptick plans to utilize the capital to continue its global growth. The funding facility increases Mars Growth’s existing portfolio of SaaS and platform companies.

“Uptick is a truly amazing company with growth potential and impact,” said Yaron Primovich, Managing Director of Mars Growth Fund. “It has created its own category in the building safety value chain, and is proving immense impact with its core technology.”

Ron Daniel, Founder of Mars Growth & Liquidity Capital also added that “We are excited to continue our mission to help grow and scale the global tech ecosystem through alternative funding instruments. Uptick is a prime example of how financing capital paired with technology category leaders enables companies to get to the next level”.

Uptick CEO, Aidan Lister stated that “It’s exciting to see Australian startups finally having access to these non-dilutive and warrant free products. Uptick is growing quickly, and fast access to non-dilutive capital without the risk and complexity of doing a round is incredibly attractive.”

Aidan went on to add “Working with the Mars growth team has been a pleasure. Their technical approach to DD (simply connecting their platform to our Xero) meant DD took only a few days before we received a term sheet.”

Notes to Editor

Mars Growth is a joint venture between Liquidity Capital and MUFG that offers tech startups a one-of-a-kind funding alternative, enabling them to double down on their hyper-growth without giving up equity. Its trajectory-based funding model allows them to work with startups and growth-stage companies side-by-side, taking on financial risk. Part of the Liquidity funds arm, Mars Growth invests in SaaS providers that demonstrate over $3M in ARR and 30% year-over-year growth, with an average ticket size of $3M-$100M.