What is Drop?
Founded in 2015 and headquartered in Toronto, Drop operates a sophisticated rewards platform that integrates directly with consumer debit and credit cards. By automating the rewards process, the company eliminates the friction associated with manual receipt scanning or promo code entry, effectively positioning itself as a vital intermediary in the consumer-retail ecosystem. This automated approach to loyalty management has allowed Drop to capture significant user engagement, providing retailers with actionable data while offering consumers a frictionless path to earning incentives.
How much funding has Drop raised?
Drop has raised a total of $71.3M across 4 funding rounds:
Unspecified
$771K
Angel/Seed
$5.5M
Series A
$21M
Series B
$44M
Unspecified (2016): $771K with participation from Rothenberg Ventures, ff Venture Capital, and White Star Capital
Angel/Seed (2017): $5.5M led by HOF Capital, ff Venture Capital, Portag3 Ventures, Sierra Ventures, and White Star Capital
Series A (2018): $21M supported by Portag3 Ventures, Sierra Ventures, White Star Capital, Silicon Valley Bank, New Enterprise Associates, and ff Venture Capital
Series B (2019): $44M featuring HOF Capital, Sierra Ventures, NEA, White Star Capital, and Royal Bank of Canada
Key Investors in Drop
White Star Capital
A global multi-stage technology investment platform that partners with exceptional entrepreneurs to build ambitious international businesses, focusing on venture investing at the Series A and B stages.
ff Venture Capital
A leading seed and early-stage venture capital firm based in New York, focused on investing in emerging industries such as AI, Manufacturing, Energy, Robotics, and Security.
Sierra Ventures
A Silicon Valley-based venture capital firm that raises dedicated funds to invest in early-stage technology startups, partnering with founders from product-market fit through scale-up and exit.
What's next for Drop?
Following its major strategic investment, Drop is well-positioned to accelerate its expansion efforts and refine its data-driven personalization engine. The company's lifecycle stage, characterized by robust Series B backing, suggests a transition toward aggressive market penetration and potential product diversification. Future strategic initiatives will likely focus on deepening institutional partnerships and enhancing the platform's algorithmic capabilities to maintain a competitive edge in the rapidly evolving fintech landscape.
See full Drop company page
