Drop, a Toronto, Canada-based millennial-focused rewards program, raised $21m (USD) in Series A funding.
The round was led by New Enterprise Associates (NEA) with participation from Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and Silicon Valley Bank.
The company intends to use the funds to expand its engineering team. In conjunction with the closing of the Series A round, Ian Logan joined as its Vice President of Engineering, responsible for the vision for the technology design behind the Drop platform and the growth and management of its engineering team. He plans to recruit and build a diverse technical team across multiple areas such as frontend engineering, backend engineering, data infrastructure, data science, and machine learning.
The app is available for iOS and Android. For more information about Drop, visit .
Founded in 2015, Drop provides a program that enables the consumer to earn rewards by spending with the debit and credit cards they link to the app, eliminating the need to scan receipts, enter promo codes or sign up for additional loyalty programs.
The company has built up a base of over one million millennials featuring such brands as Sephora, Bloomingdales, The Body Shop, Amazon, Under Armour, Casper and Boxed. These can brand can use the platform to gain unique insights about consumers.