Valor Equity Partners has ended its investment in Uptake Technologies three months after putting $35 million into the data analytics startup, according to a letter the Chicago private equity firm sent to investors this week.
The Nov. 22 exit came shortly after Caterpillar, which took an early minority stake in Uptake, ended its role as an investor in Groupon co-founder Brad Keywell’s startup.
“While we continue to believe in Uptake’s long-term vision and disruptive potential, material developments since our initial debt security underwriting fundamentally changed our perception of the risk equation for this investment,” said Antonio Gracias, Valor’s founder, in a Monday letter to investors, a copy of which was obtained by the Tribune.
The Tribune reported Nov. 15 that Caterpillar was ending its investment in Uptake but would remain a customer.
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