Drop has raised US $21 million in Series A funding led by New Enterprise Associates (NEA) with participation of Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and Silicon Valley Bank.
In February 2017, Drop closed its US $5.5 million seed round with Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and HOF Capital.
Toronto based Drop is a personalized rewards program focused on bringing value to millennials by making their every day more rewarding. Drop enables the consumer to earn rewards easily by simply spending with the debit and credit cards they link to the app, eliminating the need to scan receipts, enter promo codes or sign up for additional loyalty programs.
Drop intends to use new funding to support the company’s growth in 2018, including an upcoming engineering push directed by Drop’s new executive hire, Ian Logan, Vice President of Engineering and formerly Director of Engineering at Airbnb, where he led the charge on all of Airbnb Payments. Logan will be responsible for the vision for the technology design behind the Drop platform and the growth and management of its engineering team.
This announcement comes on the heels of massive growth for the company, reaching 1 million users soon after launching in the United States in October 2017.
“We’ve invested in some exciting Canadian tech companies in the past, and Drop is a prime example of the growing talent and innovation emerging from Toronto,” said Rick Yang, partner at NEA. “Drop’s mobile-first, direct-to-consumer approach, and focus on the millennial demographic have proven to fill a large demand in the market for consumers and brands alike. We’re thrilled to partner with the Drop team as they continue to disrupt the massive loyalty market.”
“I was inspired by the possibility of influencing the growing tech community in Canada. I saw the opportunity to cross-pollinate my own experience and knowledge in scaling companies. I wanted to make as big of an impact as possible in helping local innovation. I am now on a mission to contribute to Canada’s startup ecosystem by helping make globally focused companies that are locally headquartered a success,” said Logan.
photo credit: Drop