UpHonest 2021 Roundup

January 20, 2022

Dear UpHonest Friends & Family,

As 2021 is coming to an end, we would like to take this opportunity to thank you for being a part of our community, and share with you what we have been up to in this past year filled with challenges, excitements, and gains.

Since 2015, we have invested in 350 companies who believe have the potential to become future builders, among them:

Great Wins from Portcos

While 74 portcos managed to raise new up rounds this year, 8 portcos managed to complete 2+ rounds of financing. Among them, GrubMarket ($1.2B), Rescale and Turing ($1.1B) reached unicorn status during 2021.

Moreover, several portcos that we newly invested in 2021 have already received their next rounds of financing.

2 new IPO exits via SPAC, both of which we entered during the seed stage:

ESG, Sustainability and Diversity

Since Day 1, constructing a sustainably diverse portfolio has been a key driver for us. In fact, 59.39% of all of our portfolios are founded by females or entrepreneurs from immigrant groups. We are always keeping diversity into our ecosystem and building diversity into the primary investing process itself.

We have all witnessed a clear shift in the direction of corporate social responsibilities for companies all around the world, just as we have been constantly embracing sustainable practices. Our team has come up with an ESG framework, where we analyze startups using a set of criteria (each of the criteria is also rated from 1 to 5) - either generic, common to all companies regardless of their business sector, or sector-specific. The higher the score is, the investment is considered more sustainable and responsible.

This could also be reflected in our investment strategies, as we are actively involved in the AgTech, BioTech and FoodTech scene, among many other carbon neutral initiatives. We live up to this belief by backing indoor urban farming company Square Roots, sustainable nitrogen fertilizer maker Kula Bio, and alternative palm oil producer C16 Biosciences, just to name a few.

Some great wins from our portfolio companies on this dimension in 2021:

New ESG portcos that we invested in this year:

Awards & Recognitions

As we step into 2022, we will continuously strive to unlock more innovations and empower more founders in the cross-border network, as we have always been since day 1.

Thank you for your support on this journey investing in future builders with us, and we hope you are equally excited as us to see what the future holds, as we wish you a very prosperous year ahead.

Kindly Regards,

UpHonest Team