Flavor Physics is a powerful way to search for physics beyond the Standard Model. Since 2010, the LHCb experiment at CERN has collected large datasets of b- and c-hadrons to carry out world-leading measurements in the field of flavor physics, thanks to its excellent detector performance. Many of these results would benefit from significantly larger data samples. To achieve this goal, LHCb will operate with a fully software-driven trigger system and read out collision data at a rate of 40MHz starting in 2022. This requires a major upgrade of the detector, currently underway at CERN: three new trackers as well as more powerful readout electronics are being installed, which will increase the data collection rate by a factor of 5. I will highlight some results from LHCb’s initial runs and discuss the ongoing upgrade efforts, with a focus on the silicon microstrip Upstream Tracker, and the resulting prospects for precision measurements in the flavor sector.