Upside helps give consumers cash back, but now it’s the company’s turn to bring in big bucks. The Washington, DC-based cash-back app, founded in 2016, announced today it has closed a $165 million Series D, bringing the company’s valuation to a cool $1.5 billion.

Formerly known as GetUpside before a rebrand this month, Upside says it has 50,000+ partners, including grocery stores, restaurants, and convenience stores. The company now plans to expand into new partner categories like home improvement, apparel, and beauty, CEO Alex Kinnier told Retail Brew.

• He said Upside hopes to double the number of transactions running through the platform YoY.
• The company will also expand its 290-employee workforce and open up a new office in New York City.

What’s the upside? For the company’s 30 million users, it is increased purchasing power at a time when inflation is driving up prices, Kinnier said; for merchants, it’s increased profits from those consumers.

• Upside said merchants on its platform bring in between a 3% and 5% increase in profit, and that customers see 1.6x higher shopping frequency as opposed to non-users and an average of 35% larger basket sizes.

“Consumers can know and have confidence that they’re actually helping the businesses that are on the platform, even though they’re getting more value than they would have otherwise,” Kinnier said. “And that mutual benefit is what keeps us going.”

Kinnier declined to disclose revenue numbers, but, to date, Upside notes it has driven $200 million in cash back to users and $350 million in incremental profit to merchants.

Zoom out: Upside isn’t the only cash-back firm looking to capitalize on its rewards. Sources told Bloomberg in February that ShopBack is eyeing an expansion with the help of a potential $150 million funding round, and Mexico City-based Reworth landed a $2.8 million seed round last year.—KM

Meta is moving from virtual reality to actual reality. The company announced on Monday its plans to open its first brick-and-mortar retail space, called the Meta Store.

“The best way to understand virtual reality is to experience it,” Mark Zuckerberg, Meta founder and CEO, said in a statement.

IRL: Located in its Burlingame, California, campus, the store is slated to open its doors on May 9 and will stock products like Meta’s Quest 2 VR headset, its Portal video calling device, and Ray-Ban Stories smartglasses.

• Customers can demo the products on site and then purchase them in-store or online.
• Meta will introduce a “shop” tab on its website to facilitate the purchases.

Future forward: The store comes as part of Meta’s increasing focus on the metaverse (hence the name change from Facebook last October), as the company hopes to encourage customers to adapt through wearable tech.

It is also why it partnered with eyewear company EssilorLuxottica SA to produce Ray-Ban Stories smartglasses, which allows users to take photos and videos, listen to music, and answer calls.—JS

Today’s top retail reads.

Young aspirations: Luxury brands are turning to younger employees to keep up with Gen Z—and understand the unique ways they interact. (Vogue Business)

Bear fruit: From vitamins to CBD, the humble gummy has taken several shapes and forms since it was created 100 years ago. (The New York Times)

Fresh crop: Brands are increasingly turning to digital creatives like 3D developers, game designers, and NFT experts as they look to build virtual experiences. (Business of Fashion)

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What happened in the world of retail this week in…1921 and beyond? Retail Brew takes you way, way, way back.

This week will have you thinking that while it would be hard to swim laps in it, every pool should be shaped that way.

• On May 1, 2007, model Kate Moss launched a clothing line with British chain Topshop. “Moss-mania” ensued.
• On May 5, 1921, Chanel No. 5 was released—yes, on 5/5—by fashion designer Coco Chanel. She was given 10 prototype fragrances to choose from: You’ll never guess which number she picked.
• On May 5, 2008, Irv Robbins, who co-founded the Baskin-Robbins ice-cream-parlor chain, died at 90. His obit in the Los Angeles Times noted that his Endocino, California, home had a swimming pool shaped, naturally, like an ice-cream cone.
• And on May 6, 1929, Hans Beck, German inventor of Playmobil toys, was born in Greiz, Germany. He once told a reporter that among his rejected designs for the toys were stocks to put the plastic figures’ little heads and hands in.

Catch up on the Retail Brew stories you may have missed.

• Boll & Branch CEO talks fair trade, ethical sourcing
• Harper Wilde shares what it learned from building its bra-recycling program
• Let’s get phygital: It’s a portmanteau listicle