UP Partners Research
Investment Thesis
UP Partners is a specialized early-stage venture capital firm focused on transforming how people and goods move globally. Founded in 2020 by Ben Marcus, Cyrus Sigari, and Adam Grosser—experienced entrepreneurs with deep expertise in aerospace, automotive, hardware, and technology—UP Partners invests in "movement broadly: from the physically small to the large, on sea, land, air, and space."
The firm's core belief is that the next two decades will see dramatic changes in mobility, driven by enabling technologies that make movement cleaner, faster, safer, and lower-cost. UP Partners partners with bold entrepreneurs building frontier technologies across multiple transportation modes and supporting infrastructure, leveraging their extensive relationships with global companies that move more goods and people daily than anyone else.
Sector and Technology Focus
UP Partners invests across a comprehensive mobility ecosystem:
Core Focus Areas:
- Sensing & Perception: Autonomous vehicle sensors, computer vision, remote operation technologies, augmented reality, connectivity solutions
- Automation: Resource scheduling, supply-chain visibility, package routing, cold chain management, last-mile delivery optimization
- Logistics Optimization: Real-time routing, intelligent dispatch, asset sharing, delivery network software
- Design & Manufacturing: Additive manufacturing, design and production optimization software, simulation and testing tools
- Energy Systems: Grid enhancement, low-carbon fuel marketplaces, AI-controlled nuclear reactors, EV charging infrastructure
- Space Infrastructure: On-orbit manufacturing, fueling, trajectory management, earth observation
- Prime Movers: Electrification, battery intelligence, hypersonic engines, low-emission ship propulsion
- Marketplaces: Multi-modal trip discovery, pricing, booking, yield management, fulfillment platforms
- Digital Industry: Infrastructure digitization, machine learning, data analytics, micropayments, insurance products
Notable Sector Tags: The firm actively invests in enterprise software, developer tools/infrastructure, climate/clean energy, robotics/automation, aerospace/defense, semiconductors/hardware, and logistics/supply chain optimization.
Stage Focus and Check Size
UP Partners targets early-stage companies where they can leverage their deep expertise and corporate partnerships:
Stage Preferences:
- Primary: Seed and Series A
- Secondary: Pre-seed for exceptional technical founders
- Investment Range: $1M - $10M
The firm invests in companies at the point where they can best utilize UP Partners' deep relationships with large global companies and operational expertise.
Fund Status and Recent Activity
Fund Information:
- Fund I (Ventures I): $230M, closed October 2021
- Fund II (Ventures II): $230M, raised 2024 (second fund targeting mobility startups)
- Fund III: Status suggests they have closed additional capital
- UP.Abundance: New investment strategy announced October 2025, focused on energy and mobility companies building from New Mexico
- UP.Labs: Operating arm providing portfolio support
Recent Investment Activity (2025):
- 28 total portfolio companies as of November 2025
- 5 new investments in the last 12 months
- Latest investment: December 2025 in Zanskar (energy exploration)
- Recent: July 2025 investment in WakeCap Technologies (electronic equipment and instruments)
Fund Deployment Status: Actively deploying capital, with recent announcements of UP.Abundance strategy and continued investments across portfolio.
Portfolio Highlights
Notable Companies and Exits:
- Skydio: Leading American manufacturer of drones, pioneering autonomous drone technology (achieved unicorn status)
- Axiom Space: Providing missions to the ISS and building the first commercial space station (achieved unicorn status)
- Beta Technologies: Developing eVTOL vehicles with zero operational emissions
- Metropolis: AI computer vision platform for checkout-free payment experiences and parking
- Loft Dynamics: Flight simulator training replacement technology
- Teleo: Fleet teleoperation and autonomous robot conversion
Sector Distribution (40+ portfolio companies):
- Autonomous vehicles and drones (Skydio, Teleo, Point One, Reliable Robotics)
- Aerospace and space (Axiom Space, Space Kinetic, Pacific Fusion)
- Logistics and delivery (Aerialoop, Lula, REPOWR, Quincus)
- Energy (Range, Aionics, Eli, Pacific Fusion)
- Robotics and automation (Beyond Math, Havoc AI, humanoid companies)
- Manufacturing and design (Ashbrook Technologies, Eli)
- Sensing and perception (LineVision, Voyant Photonics, Aionics)
- Marketplaces and software (Metropolis, Panorama, SaySo)
- Mobility infrastructure (Kolors intercity buses, Vroom insurance, Veo micromobility)
Team and Decision-Making
Leadership:
- Ben Marcus (Co-Founder & Managing Partner): Aviation and transportation technology entrepreneur
- Cyrus Sigari (Co-Founder & Managing Partner): Aerospace and technology expert
- Adam Grosser (Chairman & Managing Partner): 20+ years in Silicon Valley, deep involvement in key technology companies
Extended Team: 60+ professionals including venture CEOs, product leads, operational experts, and industry specialists in aerospace, automotive, hardware, and software.
Decision Process: Partnership-driven, leveraging industry experts across aerospace, automotive, and technology sectors. The firm employs venture CEOs and operational specialists within UP.Labs to provide portfolio support. Investment decisions emphasize founders' ability to leverage the firm's deep corporate relationships and operational expertise.
Founder Preferences: Entrepreneurs building frontier technologies who can benefit from UP Partners' deep relationships with global companies moving goods and people at massive scale. The firm particularly values technical founders with domain expertise in mobility, logistics, and infrastructure.
Geographic Focus
Primary Markets: US-based (Santa Monica, CA headquarters), with active investment throughout North America Notable Emphasis: New Mexico growth ecosystem (UP.Abundance strategy announced October 2025) Corporate Partnerships: Global companies across automotive, aerospace, logistics, and manufacturing
Investment Process and Warm Introductions
UP Partners emphasizes speed in their investment process. The firm values direct engagement with entrepreneurs. Given their deep corporate relationships and operational infrastructure, warm introductions from portfolio founders, corporate partners, or industry experts likely accelerate discussion.
Recent Milestones (2025)
- Announced UP.Abundance, expanding focus to New Mexico clean energy and mobility companies
- Continued active deployment from Fund II
- 5 new portfolio investments in last 12 months
- Strengthened operational support infrastructure through UP.Labs expansion
Summary
UP Partners represents a mature, well-capitalized mobility-focused venture firm with deep domain expertise, extensive corporate relationships, and a proven portfolio. The firm's success demonstrates strong execution in early-stage mobility investing with 2 unicorns and 40+ active portfolio companies.