# Upland Software funding: rounds and investors

> Upland Software has raised $275M across 4 rounds since 2008. Investors include Activant Capital, Austin Ventures and Advent International.

Source: https://millionrounds.com/company/upland-software (Millionrounds; every figure on the page links to its filing or article)

United States · [Funded startup](https://millionrounds.com/companies)

# Who invested in *Upland Software*

4 rounds we have observed, with the 5 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Cloud

Funding summary Updated 26 Oct 2026

**$275M** raised across 4 rounds since 2008, from 4 sources

**$3.5M** Venture **$12M** Venture **$20M** Growth **$240M** Debt

- **Latest round:** Debt, $240M Jul 2025
- **Step-up i:** 12.1×
- **Investors:** 5

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2008 2011 2014 2017 2020 2023

**$3.5M** Venture

**$12M** Venture

**$20M** Growth

**$240M** Debt

- **First round:** Venture, $3.5M
- **Biggest round:** $240M
- **Usual gap between rounds:** 3.2 years

## The rounds

- **Jul 2025** Debt **$240M** *1 returning* [Activant Capital](https://millionrounds.com/fund/activant-capital) Source recorded
- **Jan 2014** Growth **$20M** *1 new* [Activant Capital](https://millionrounds.com/fund/activant-capital) From a historical funding record SEC filing: $20M sold, first sale Dec 2013
- **Oct 2010** Venture **$12M** *1 new* [Austin Ventures](https://millionrounds.com/fund/austin-ventures) From a historical funding record
- **Jun 2008** Venture **$3.5M** *3 new* [Advent International](https://millionrounds.com/fund/advent-international) [Hudson Ventures](https://millionrounds.com/fund/hudson-ventures) MMC Financial Services Reported by xconomy.com

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Venture** 2008 **Venture** 2010 **Growth** 2014 **Debt** 2025 [Activant Capital](https://millionrounds.com/fund/activant-capital) [Austin Ventures](https://millionrounds.com/fund/austin-ventures) [Advent International](https://millionrounds.com/fund/advent-international) [Hudson Ventures](https://millionrounds.com/fund/hudson-ventures) MMC Financial Services

## Everyone who backed them

[Activant Capital](https://millionrounds.com/fund/activant-capital) VC firm **2** rounds

[Austin Ventures](https://millionrounds.com/fund/austin-ventures) VC firm **1** round

[Advent International](https://millionrounds.com/fund/advent-international) Private equity **1** round

[Hudson Ventures](https://millionrounds.com/fund/hudson-ventures) Growth equity **1** round

MMC Financial Services no record of our own yet **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=upland-software).

## Also claim to have backed them

These 3 firms list Upland Software as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

[Bantam Group](https://millionrounds.com/fund/bantam-group) VC firm Per its own site

[Progress Ventures](https://millionrounds.com/fund/progress-ventures) Corporate VC Per its own site

[SaaS Capital](https://millionrounds.com/fund/saas-capital) VC firm Per its own site

## Quick answers about Upland Software

### Who invested in Upland Software?

Upland Software's investors include Activant Capital, Austin Ventures, Advent International, Hudson Ventures and MMC Financial Services.

### How much has Upland Software raised?

Upland Software has raised $275M across 4 rounds since 2008.

### When did Upland Software last raise?

Upland Software's most recent round was a Debt of $240M in Jul 2025.

### What was Upland Software's biggest round?

Its most recent round, $240M in Jul 2025, is also its largest on record.

### Who backed Upland Software first?

Upland Software's first round on record, in Jun 2008, was backed by Advent International, Hudson Ventures and MMC Financial Services.

### What stage is Upland Software at?

Upland Software's latest named round is a Debt, in Jul 2025.

### Where is Upland Software based?

Upland Software is based in the United States.

## Companies like Upland Software

In the same sector, and raised in the last eighteen months.

[**SpaceX** $42B · Oct 2026](https://millionrounds.com/company/spacex)[**Blacksmith** $131M · Oct 2026](https://millionrounds.com/company/blacksmith)[**Tasklet** $13M · Oct 2026](https://millionrounds.com/company/tasklet)[**VEIR** $185M · Oct 2026](https://millionrounds.com/company/veir)[**Namespace** $42M · Oct 2026](https://millionrounds.com/company/namespace)[**Lambda** $6.8B · Oct 2026](https://millionrounds.com/company/lambda)

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