What is Drop?
Founded in 2015 and headquartered in Toronto, Ontario, Drop operates a sophisticated personalized rewards program. The platform allows consumers to earn rewards by utilizing the debit and credit cards they already possess, seamlessly linking them to the app. This innovative approach eliminates the need for manual receipt scanning or the application of promo codes, streamlining the loyalty program experience. Drop's technology aims to provide a frictionless way for consumers to benefit from their everyday spending, positioning it as a key player in the evolving fintech and consumer rewards landscape.
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 White Star Capital, HOF Capital, Portag3 Ventures, Sierra Ventures, and ff Venture Capital
Series A (2018): $21M supported by White Star Capital, Portag3 Ventures, Sierra Ventures, ff Venture Capital, New Enterprise Associates, and Silicon Valley Bank
Series B (2019): $44M featuring White Star Capital, HOF Capital, NEA, Sierra Ventures, and Royal Bank of Canada
Key Investors in Drop
White Star Capital
White Star Capital is a global multi-stage technology investment platform that partners with exceptional entrepreneurs to build ambitious international businesses. With a presence in major cities like New York, London, and Singapore, the firm focuses on venture investing at the Series A and B stages, as well as in digital assets and blockchain-enabled companies.
HOF Capital
HOF Capital is a global multi-stage venture capital firm located in New York City, focused on investing in ambitious entrepreneurs. The firm aims to support startups at various stages of growth, providing them with the necessary resources and expertise.
Sierra Ventures
Sierra Ventures (sierraventures.com) is a Silicon Valleybased venture capital firm that raises dedicated funds to invest in earlystage technology startupsprimarily Seed and Series Ain areas such as enterprise software, infrastructure, data/AI, and frontier tech, partnering with founders from productmarket fit through scaleup and exit.
What's next for Drop?
The substantial enterprise-level funding and recent strategic investment signal a pivotal phase for Drop. This capital infusion is expected to fuel further product development, enhance user acquisition strategies, and potentially expand into new markets or service verticals. With a focus on leveraging its technology to deepen consumer engagement and provide value through everyday transactions, Drop is poised to solidify its position and explore new avenues for growth within the competitive rewards and loyalty industry. The company's trajectory suggests a continued emphasis on innovation and strategic partnerships to maximize its market impact.
See full Drop company page
