Illustration hero capital

Earnest capital with nowhere else to be.

At Upright every commitment is made on our own terms and measured in decades. We partner with companies that build deliberately, act decisively and grow with integrity, because value compounds when conviction endures.

Illustration staunchly idiosyncratic mobile
Who we are

Staunchly idiosyncratic, and proud of it.

We have built companies from the ground up and scaled teams by the hundreds. It continues to shape how we think and build. At Upright we strive to form long-term partnerships with people who share our values, conviction and perspective. We take pride in only entering collaborations built on trust, integrity and determination. Some refer to it as a No Asshole Rule, we simply think of it as good business. We look for partners who bring domain insight, hands-on experience, perseverance and unwavering commitment to the table. We work closely with each company across business development, talent, design, product and technology. Upright is here to build sustainable companies that create tangible value and stand the test of time.

Portfolio Companies

Built to endure. Chosen with care.

Where we fit in

We invest in companies that grow too steadily for venture capital and are too small for traditional private equity yet.

Illustration cashflow positive
CASHFLOW POSITIVE

We back companies with €1–3M in annual revenue and a steady growth trajectory. These are proven businesses with loyal customers and strong teams. Growth matters, but resilience matters more.

Illustration software asset
SOFTWARE ASSET

At the core there should be a software based product or digital foundation that defines the business. We look for technology that plays a structural role. It must be scalable, defensible and built to endure.

Illustration growing revenue
GROWING REVENUE

We partner with companies showing steady revenue growth and a clear path forward. We work closely with management to strengthen the core and unlock further growth. Alignment and long term ambition guide every partnership.

Upright was our first investor back when we had nothing but an idea on paper. They’ve been with us ever since, and we’ve never looked back. With Upright, we found the rare kind of partners who build real businesses, not just chase hockey-stick graphs — combining deep experience and sharp strategy with genuine kindness and integrity.
Morten Resen
Co-founder, GoLittle
When the vision for building the world's leading digital product agency first took shape, Upright and Waterland were closely aligned from the very beginning. From the earliest discussions to the ongoing evolution of Framna, Upright has been a steady collaborative force, helping to define both brand, direction and ambition. Framna is on its path to global leadership in part because of that shared commitment.
Nicklas Guldberg
Principal, Waterland Private Equity
We had solid growth and were making money, and we had decided not to bring in any investors. But Upright changed our perspective. They saw greater potential, challenged us with respect, and turned the investment process into something that strengthened trust and relationships.
Søren Sander
CEO & Co-founder, SES Family
OUR AREAS OF FOCUS

Bringing enduring value through interim effort.

We contribute where momentum is needed most, whether in design, code, hiring or financial structure, supporting companies as they strengthen their foundation and move forward with purpose.

Illustration design

Design

We refine and evolve digital products, balancing aesthetics with usability. Every design decision serves the business and strengthens the brand.

Illustration marketing

Marketing

We help define positioning, messaging and go-to-market strategies that align with long-term growth, not short-term noise.

Illustration development

Development

We assist with technical leadership, architecture and product delivery, ensuring scalability, stability and momentum where it matters most.

Illustration financials

Financials

We support financial structure, capital planning and performance tracking, helping companies build clarity and confidence around their numbers.

Illustration strategy

Strategy

We work with founders and management to sharpen vision, focus priorities and turn ambition into practical direction.

Illustration legal

Legal

We assist in structuring shareholder agreements, governance and incentive models that protect integrity and enable sustainable growth.

LATEST NEWS & INSIGHTS
New title thumbnail

Changing title for a moment

March 6, 2026 AI has hit a real inflection point, and the gap between those who build and those who wait is growing fast. Rather than theorise about what comes next, we have assembled a small, focused team of exceptional engineers inside Framna to do the only thing that matters. Build. We call it Banzai, and we are selecting five companies to build a working proof of concept for, at no cost, to show what is possible when you start with action rather than strategy.

Private equity ideal partner thumpnail

Why private equity is the ideal growth partner for founders

October 17, 2025 Most founders begin their journey with a dream of building something remarkable. A company that changes an industry or captures the imagination of a global player. The idea of a call from Google or Apple has become almost mythical, a symbol of ultimate success. Yet those headline deals are rare. They make for good stories, not solid strategies. Real success is built on preparation, alignment and the courage to think long term rather than chasing quick wins.

Framna acquires Bright Inventions

Framna expands European presence with acquisition of Bright Inventions

September 3, 2025 Digital product agency Framna has acquired Bright Inventions, a Polish product engineering company with 82 specialists. The acquisition further strengthens Framna's presence in Europe and deepens expertise in IoT and AI engineering.