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Drop (loyalty program)

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Drop Technologies Inc
Type of businessPrivate
FoundedAugust 25, 2015; 9 years ago (2015-08-25)
HeadquartersToronto, Ontario
Created byDerrick Fung, Darren Fung, Cameron Dearsley, Akhil Gupta
IndustryLoyalty program
URLearnwithdrop.com
Native client(s) oniOS and Android

Drop is a coalition customer loyalty program, in which users earn points using their linked debit or credit cards.[1] Users choose five rewards partners such as Sephora, Starbucks, Uber, and Whole Foods Market to earn points with.[2] Drop is a Toronto-based company which was founded by Derrick Fung, Darren Fung, Cameron Dearsley, and Akhil Gupta in August 2015.[3] The program started in the Canadian market during August 2015 and expanded into the American market during October 2017, after a six-month private beta.[4] The Drop Rewards program requires that users download a companion app on an iOS or Android device. According to Drop, the service was designed as a way for brands to earn exposure with millennials.[5]

As of November 2017, the company had 500,000 users.[6] This number has since risen to 1 million users as of January 2018.[7]

Funding

In August 2015, Drop raised a CA$1 million round of initial financing for launching the app.[8]

In October 2017, Drop raised a $5.5 million seed round of venture capital financing led by Sierra Ventures.[9]

In February 2018, the company announced that they had raised a US$21 million series A round, led by New Enterprise Associates.[10]

In August 2019, the company announced their series B round which was a total of US$44 million, led by HOF Capital and Royal Bank of Canada (RBC) participated as a strategic investor. [11]

References

  1. ^ Fischer, Alyssa (10 September 2017). "8 Personal Finance Apps You Need in Your Life". Popsugar. Retrieved 26 December 2017.
  2. ^ Chang, Lulu (11 October 2017). "Earn rewards as you spend money with the new Drop app". Digital Trends. Retrieved 25 December 2017.
  3. ^ "Drop Loyalty profile". Crunchbase. Retrieved 26 December 2017.
  4. ^ Hartmans, Avery (4 December 2016). "This Canadian rewards app has 70,000 millennials using it — now, it's coming to the US". Business Insider. Retrieved 26 December 2017.
  5. ^ "The loyalty reward app getting attention from Millennials". Fox Business. 23 December 2016. Retrieved 25 December 2017.
  6. ^ "Many Merchants, One Mobile Rewards Program". Pymnts. 6 November 2017. Retrieved 26 December 2017.
  7. ^ "NEA leads $21m round for Drop, a rewards app for millennials". TechCrunch. 30 January 2018. Retrieved 13 February 2018.
  8. ^ Zubairi, Amira (16 April 2017). "Drop Pitches Millennial-Focused Rewards App on #thedistrupters". BetaKit. Retrieved 26 December 2017.
  9. ^ Cornick, Kate (11 October 2017). "Drop Rewards App Earns $5.5 Million, Expands to U.S. Market". Techvibes. Retrieved 26 December 2017.
  10. ^ Kolodny, Lora (30 January 2018). "Drop, a rewards app start-up, snags Airbnb's former head of engineering". CNBC. Retrieved 6 February 2018.
  11. ^ "44M Series B Drop in the Bucket Millennial Loyalty". 2019-08-22. Retrieved 2019-10-03.{{cite web}}: CS1 maint: url-status (link)
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