Drop (loyalty program)
Drop is a coalition customer loyalty program, in which users earn points using their linked debit or credit cards. Users choose five rewards partners such as Sephora, Starbucks, Uber, and Whole Foods Market to earn points with. Drop is a Toronto-based company which was founded by Derrick Fung, Darren Fung, Cameron Dearsley, and Akhil Gupta in August 2015. 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. 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.
As of November 2017, the company had 500,000 users. This number has since risen to 1 million users as of January 2018.Funding
In August 2015, Drop raised a CA$1 million round of initial financing for launching the app.
In October 2017, Drop raised a $5.5 million seed round of venture capital financing led by Sierra Ventures.
In February 2018, the company announced that they had raised a US$21 million series A round, led by New Enterprise Associates.
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 participated as a strategic investor.
