About Drop
Drop is a Technology company based in Toronto (Canada) founded in 2012 by Darren Fung and Cameron Dearsley. Drop is operated as a rewards platform for shopping. It operates on a Freemium and Commission-Based model. 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. Its website joindrop.com draws about 23 thousand monthly visits. Drop offers products and services including Drop App. Its focus areas include Mobile Apps and Rewards Platforms. Its legal entity is Drop Technologies Inc.
Company details
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.
- Headquarters Toronto, Canada
- Founders Darren Fung, Cameron Dearsley
- SectorsTechnology
- Email••••••••
- Website joindrop.com
- Social LinkedIn X Facebook Instagram
- Legal Name Drop Technologies Inc.
- Total Equity Funding$120.78M (USD)
in 6 rounds
- Latest Funding Round$44M (USD), Series B
Sep 2019
- InvestorsSVB
& 10 more
- Investments & Acquisitions
Products & Services of Drop
Drop offers a comprehensive portfolio of products and services, including Drop App.
Rewards are earned through shopping with linked cards.
Apps and channels of Drop
Drop publishes 1 mobile app.
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 $120.78M
- Total Rounds 6
- Last Round Series B — $44M
- First Round $776,482
(Jul 2016)
- Investors Count 11
All 6 funding rounds of Drop with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep 2019 | $44M | Series B | – | – | – |
| Aug 2019 | $44M | Series B | – | HOF Capital | |
| Jan 2018 | $21M | Series A | – | Rick Yang | |
| Oct 2017 | $5.5M | Seed | – | Sierra Ventures | |
| Oct 2017 | $5.5M | Seed | – | – | |
| Jul 2016 | $776,482 | Seed | – | ff Venture Capital, Rothenberg Ventures | – |
11 investors in total: 10 institutional and 1 angel.
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.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Venture capital investments are offered to startups by NEA. | nea.com | Menlo Park, United States | ||
Early-stage venture capital investments in AI, healthcare, and enterprise technologies. | sierraventures.com | |||
A global technology investment platform operating in multiple cities with a focus on venture and digital asset funds. | whitestarcapital.com | |||
Accelerator & VC firm backed by RBC Royal Bank | rbcventures.ca | Toronto, Canada | ||
HOF Capital is engaged in venture capital investments. | hofcapital.com | New York, United States | ||
Early-stage technology-enabled companies are invested in by ff Venture Capital. | ffvc.com | New York, United States | ||
Early-stage US companies are invested in by Rothenberg Ventures. | rothenbergventures.com | San Francisco, United States | ||
Highline Beta is engaged in building and funding startups. | highlinebeta.com | Toronto, Canada | ||
Banking services are provided to innovative companies, investors, and individuals. | 1983 | svb.com | Santa Clara, United States | |
Portage is engaged in fintech and financial services investments. | portagevc.com | Montreal, Canada |
Investor details for Drop
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Drop
10 people are tracked at Drop (7 in leadership, 3 in team).
| Name | Role | Group |
|---|---|---|
Darren Fung | Co-Founder & CTO | Leadership |
Cameron Dearsley | Co-Founder | Leadership |
Esther Park | Head of Marketing | Leadership |
Ian Logan | VP, Engineering | Leadership |
Kenny Kwan | Head Of Data | Leadership |
Derrick Fung | CEO | Leadership |
Alisa Antinozzi | Director, People & Culture | Leadership |
Yonglin Chen (Erin) | Data Scientist | Team |
Daley T. | Data Scientist | Team |
Mark Lin | Software Engineer Intern | Team |
Complete people profiles for Drop
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Investments & Acquisitions by Drop
Drop has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Canopy Labs.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
Predictive customer analytics are delivered for mid-market sales teams. | canopylabs.com | Toronto, Canada | 2012 | Nov 2018 | •••• |
Complete acquisition details for Drop
Acquired stakes, deal sources and the complete acquisition history require an active premium plan.
- Acquired stakes
- Deal sources
- Complete history
- Exports
Verified entity values are shown only after access is granted.
Timeline of Drop
4 dated milestones of Drop across 7 years, from founding to its latest funding, stage changes and deals.
- Founded Drop is founded.
- Funding First funding round of $776K.
- Acquisition Acquires Canopy Labs.
- Funding Latest funding round, Series B, of $44.0M.
Web traffic of Drop
The website of Drop (joindrop.com) receives about 22.7K visits a month.
- Monthly visits22.7K
▲ 20.6% vs previous month
Websites whose visitors overlap most with Drop. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
thebudgetdiet.com | thebudgetdiet.com | 100% | #286,095 | – |
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Related news about Drop
Complete news archive for Drop
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Frequently Asked Questions about Drop
Drop was founded in 2012 and raised its 1st funding round 4 years after it was founded.
Drop is headquartered in Toronto, Canada. It is registered at Toronto, Ontario, Canada.
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 Seed of $776.48K, raised on Jul 2016.
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.
Drop offers Drop App.
Drop has made 1 acquisition, including Canopy Labs.
Drop has 11 investors. Key investors include SVB, NEA, Sierra Ventures, White Star Capital, and RBC Ventures.
Drop operates through Drop Technologies Inc..
Yes. Drop publishes Drop: Shop Cash Back & Rewards.