Drop, a Toronto, Canada-based flexible rewards program, acquired Canopy Labs, a Y Combinator-backed predictive analytics software company focused on improving and optimizing clients’ customer journeys.
The amount of the deal was not disclosed.
Founded in 2015 by Derrick Fung, CEO, Drop provides a program that enables consumers 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 mobile app surfaces relevant offers and rewards based on what members are spending, creating a personalized experience for the consumer. Brands featured on the platform like Sephora, Bloomingdales, The Body Shop, Amazon, Under Armour, Casper and Boxed, Drop gain insights about consumers that they haven’t had access to before.
The company raised $21m (USD) in Series A funding led by venture capital firm New Enterprise Associates (NEA) in early 2018, Casper, Jet.com, Uber Eats and Sephora.
Led by Wojciech Gryc, CEO, and Jorge Escobedo, CTO,Canopy Labs is a predictive analytics software company which allows businesses to track, optimize, and personalize their customer journeys.
Since its inception in 2012, the company has analyzed over $20 billion in sales data, and built over 100 million customer profiles from over 300 companies, spanning airlines, retailers, banks, sports teams, and e-commerce. Clients have included JetBlue, Travelocity, Carnegie Hall, Bank of Montreal (BMO), Indigo, and Roots.