# Drop Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/drop-technologies

- Industry: Internet
- Headquarters: Toronto, Canada
- Website: www.earnwithdrop.com
- Total disclosed funding: $92M
- Latest round: Series C (Jul 30, 2021)
- Investors on record: 14

## About

Based in Canada, Drop Technologies Inc. is an innovative company that offers a rewards-based application, facilitating users in earning points on everyday purchases from partnered retail brands.Drop Technologies Inc., founded in 2015 by Cameron Dearsley, Carla Jimenez, and Darren Fung, is headquartered in Toronto, Canada. The company has successfully completed 7 deals, with its most recent funding round on July 30, 2021, where it raised USD 17.62 mn in Series C funding from Gaingels and other investors. The CEO of Drop Technologies Inc. is Deanna Landry, who leads the company in its operations and strategic initiatives.Drop Technologies Inc. provides a rewards-based application designed to facilitate consumers in earning points on everyday purchases made through partnered retail brands. Users link their debit or credit cards to the app, which automatically tracks transactions at participating merchants, allowing users to accumulate points that can be redeemed for a variety of gift cards and rewards. The app primarily targets consumers who frequently shop online or utilize delivery services, appealing particularly to millennials and tech-savvy shoppers. Drop operates in several geographical markets, including the United States and Canada, effectively reaching a wide array of consumers who seek to maximize their purchasing power through rewards.Drop Technologies Inc. generates revenue primarily through partnerships with retail brands, leveraging anonymized transaction data to provide valuable insights to these partners. This partnership model supports a B2B dynamic, allowing retailers to benefit from increased customer engagement and enhanced sales through the rewards program. The structure enables seamless integration into everyday spending habits without direct charges to consumers, with revenue-sharing agreements based on transaction volumes facilitated by the Drop app. The app remains free for users, encouraging higher engagement and transaction frequency within its ecosystem.In July 2021, Drop Technologies Inc. raised USD 17.62 mn in Series C funding, which is intended to support the development of new products and expansion into additional markets. The company plans to enhance its app features and introduce new rewards options, aiming for a broader reach in the North American market by the end of 2023. The recent funding will be utilized to strengthen partnerships with more retail brands and improve user engagement strategies.

## Funding rounds

- Series C, Jul 30, 2021, $18M — Gaingels
- Series B, Aug 22, 2019, $44M — New Enterprise Associates, Sierra Ventures, Royal Bank of Canada, White Star Capital, HOF Capital, Gaingels
- Series A, Jan 30, 2018, $21M — New Enterprise Associates, Sierra Ventures, Silicon Valley Bank, ff Venture Capital, White Star Capital, Portage Ventures
- Seed, Oct 10, 2017, $5.5M — Sierra Ventures, ff Venture Capital, White Star Capital, HOF Capital, Portage Ventures
- Seed, Feb 28, 2017, $3.8M — Sierra Ventures, Sapphire Ventures, ff Venture Capital, CRCM, White Star Capital, Hedgewood, Portage Ventures
- Seed, Jul 5, 2016, $0.8M — ff Venture Capital, White Star Capital, Rothenberg Ventures, Highline BETA
- Seed, Nov 4, 2015 — ff Venture Capital, White Star Capital, Rothenberg Ventures

## Investors

- ff Venture Capital (https://capitalatlas.ai/funds/ff-venture-capital) — Seed, Series A
- White Star Capital (https://capitalatlas.ai/funds/white-star-capital) — Seed, Series A, Series B
- Rothenberg Ventures (https://capitalatlas.ai/funds/rothenberg-ventures) — Seed
- Highline BETA (https://capitalatlas.ai/funds/highline-beta) — Seed
- Sierra Ventures (https://capitalatlas.ai/funds/sierra-ventures) — Seed, Series A, Series B
- Sapphire Ventures (https://capitalatlas.ai/funds/sapphire-ventures) — Seed
- CRCM (https://capitalatlas.ai/funds/crcm) — Seed
- Hedgewood — Seed
- Portage Ventures (https://capitalatlas.ai/funds/portage-ventures) — Seed, Series A
- HOF Capital (https://capitalatlas.ai/funds/hof-capital) — Seed, Series B
- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Series A, Series B
- Silicon Valley Bank — Series A
- Royal Bank of Canada — Series B
- Gaingels (https://capitalatlas.ai/funds/gaingels) — Series B, Series C