About Drop
Drop is a company based in Toronto (Canada) founded in 2012 by Darren Fung and Cameron Dearsley. It operates as a Freemium, and Commission-Based. Drop has raised $120.78 million across 6 funding rounds from investors including SVB, NEA and Sierra Ventures. Drop has completed 1 acquisition, including Canopy Labs. Drop offers products and services including Drop App. Drop operates in a competitive market with competitors including Bilt Rewards, Fetch, Yoyo Wallet, Nectar and FlyBuys, among others.
- Headquarter Toronto, Canada
- Founders Darren Fung, Cameron Dearsley
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Sectors
Technology
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Drop Technologies Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$120.78 M (USD)
in 6 rounds
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Latest Funding Round
$44 M (USD), Series B
Sep 03, 2019
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Investors
SVB
& 10 more
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Employee Count
Employee Count
- Investments & Acquisitions
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Products & Services of Drop
Drop offers a comprehensive portfolio of products and services, including Drop App. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Rewards are earned through shopping with linked cards.
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Funding Insights of Drop
Drop has successfully raised a total of $120.78M across 6 strategic funding rounds. The most recent funding activity was a Series B round of $44 million completed in September 2019. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 6
- Last Round Series B — $44.0M
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First Round
First Round
(05 Jul 2016)
- Investors Count 11
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep, 2019 | Amount | Series B - Drop | Valuation |
investors |
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| Aug, 2019 | Amount | Series B - Drop | Valuation | HOF Capital | |
| Jan, 2018 | Amount | Series A - Drop | Valuation | Rick Yang |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Drop
Drop has secured backing from 11 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include SVB, NEA and Sierra Ventures. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Venture capital investments are offered to startups by NEA.
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Founded Year | Domain | Location | |
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Early-stage venture capital investments in AI, healthcare, and enterprise technologies.
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Founded Year | Domain | Location | |
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A global technology investment platform operating in multiple cities with a focus on venture and digital asset funds.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Drop
Drop has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Canopy Labs. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Predictive customer analytics are delivered for mid-market sales teams.
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2012 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Drop
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Drop Comparisons
Competitors of Drop
Drop operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Bilt Rewards, Fetch, Yoyo Wallet, Nectar and FlyBuys, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Reward-based rental management is facilitated via SaaS for residential properties.
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| domain | founded_year | HQ Location |
Fetch is operated as a rewards app for earning gift cards.
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| domain | founded_year | HQ Location |
Rewards-based coalition loyalty platform
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| domain | founded_year | HQ Location |
Coalition rewards-based loyalty program in the United Kingdom
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| domain | founded_year | HQ Location |
Manages a card-based coalition loyalty program in Australia.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Drop
Frequently Asked Questions about Drop
When was Drop founded?
Drop was founded in 2012 and raised its 1st funding round 4 years after it was founded.
Where is Drop located?
Drop is headquartered in Toronto, Canada. It is registered at Toronto, Ontario, Canada.
Is Drop a funded company?
Drop is a funded company, having raised a total of $120.78M across 6 funding rounds to date. The company's 1st funding round was a Series A of $21M, raised on Jul 05, 2016.
What does Drop do?
Drop is managed as a mobile application platform where users are rewarded with points for shopping at partnered brands. Points can be redeemed for gift cards and other rewards. The service is provided free of charge, with earnings facilitated through linked debit or credit cards. Data privacy is emphasized with bank-level security and anonymized sharing with retail partners. The platform is utilized by over 5 million members across various everyday purchase categories.
Who are the top competitors of Drop?
Drop's top competitors include Bilt Rewards, Fetch and Yoyo Wallet.
What products or services does Drop offer?
Drop offers Drop App.
How many acquisitions has Drop made?
Drop has made 1 acquisition, including Canopy Labs.
Who are Drop's investors?
Drop has 11 investors. Key investors include SVB, NEA, Sierra Ventures, White Star Capital, and RBC Ventures.
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