Drop, a Toronto, Canada-based millennial-focused rewards program, raised $5.5m in venture capital funding.
The seed round was led by Sierra Ventures with participation from White Star Capital, ff Venture Capital, Portag3 Ventures and HOF Capital.
The company intends to use the funds to launch and expand into the USA.
Led by founder and CEO Derrick Fung, Drop provides a personalized loyalty program for millennials to receive rewards based on their spend, via a mobile app, without the need for brand-specific cards or accounts. It allows users to link either their credit and/or debit card to the app, so points are always collected, regardless of the card consumers choose to use when spending.
Brands featured on the platform include Sephora, Bloomingdales, The Body Shop, Amazon, Under Armour, MeUndies, Boxed and more.
The app is available for iOS and Android.