Pacific Mercantile Bank has provided an $8.0 million credit facility to Upstrem, Inc. (“Upstrem”), a technological leader in the online reselling of surplus retail footwear and apparel stocks. In addition to the financing, Upstrem utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. Upstrem was referred to Pacific Mercantile Bank by Corbel Capital Partners, a structured debt and equity fund that recently made an investment in Upstrem.
Headquartered in San Diego, Upstrem is a technology-enabled liquidator of post-retail soft goods. Working with retailers around the world, Upstrem has developed technology to maximize the speed and efficiency of processing excess goods from its liquidation partners. With a state-of-the-art fulfillment center in Louisville, KY, Upstrem operates across multiple online marketplaces worldwide, as well as provides a strong and efficient secondary market to maximize recovery rates and market information for its retail partners.
“Our success in providing a full-service solution that enables retailers to maximize their return on challenged inventory has led to significant growth in our client base,” said Jake Risman, CEO of Upstrem. “Having proven our capabilities in the footwear category, we are now expanding to apparel and significantly increasing our total addressable market. After Corbel Capital Partners completed its investment in our company, they introduced us to a bank they knew could support our continued expansion. Pacific Mercantile Bank developed a credit facility tailored to our needs and provided valuable insights through its Horizon Analytics® tool that has helped inform our plans for further increasing the value of our company.”
“We have worked with Pacific Mercantile Bank on a number of deals in the past and we thought they would be the ideal partner to assist a high growth company that has leveraged its talent and technology to become a dominant re-commerce player,” said Michael Jones, Principal of Corbel Capital Partners.
“We appreciate Corbel Capital introducing us to another exceptional company in their portfolio,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “Working in tandem with Thomas Fagan from our Asset Based Lending team, we were able to overcome the disruptions presented by the COVID-19 pandemic and deliver a customized solution to support Upstrem’s seasonal working capital needs. We are very excited about the growth opportunities available to Upstrem and we look forward to expanding our relationship in the future as they continue to enter new markets and grow their client roster.”