What is Drop?
Founded in 2015 and headquartered in Toronto, Ontario, Drop operates a personalized rewards program designed to simplify consumer loyalty. The app allows users to earn rewards by linking their debit and credit cards, eliminating the need for manual receipt scanning or the application of promo codes. Drop's unique approach bypasses traditional loyalty program complexities, offering a seamless experience for consumers seeking to be rewarded for their everyday spending. The company is positioned within the rapidly evolving fintech and consumer rewards landscape, aiming to capture a significant share of the market through its user-friendly and automated system.
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 White Star Capital, ff Venture Capital, and Rothenberg Ventures
Angel/Seed (2017): $5.5M led by HOF Capital, Portag3 Ventures, Sierra Ventures, White Star Capital, and ff Venture Capital
Series A (2018): $21M supported by Portag3 Ventures, Sierra Ventures, New Enterprise Associates, White Star Capital, ff Venture Capital, and Silicon Valley Bank
Series B (2019): $44M featuring HOF Capital, NEA, Sierra Ventures, White Star Capital, and Royal Bank of Canada
Key Investors in Drop
Portag3 Ventures
Portag3 Ventures is an early-stage investor focused on backing innovative global financial services companies. They are dedicated to benefiting consumers through next-generation fintech solutions.
Sierra Ventures
Sierra Ventures is a Silicon Valley-based venture capital firm specializing in early-stage technology startups, particularly in enterprise software, infrastructure, and AI, guiding companies from product-market fit through scaleup.
New Enterprise Associates
New Enterprise Associates (NEA) is a prominent venture capital firm established in 1977, focused on empowering entrepreneurs to build successful businesses across various technology sectors.
What's next for Drop?
With the recent major strategic investment, Drop is poised for accelerated growth and market penetration. The company's focus on enhancing its personalized rewards platform and expanding its user base is likely to be a key priority. Future developments may include strategic partnerships with financial institutions and retailers to broaden reward opportunities and deepen customer engagement. The substantial capital backing suggests an ambition to scale operations, potentially exploring new geographic markets and enhancing its technological infrastructure to maintain a competitive edge in the dynamic rewards program industry.
See full Drop company page
