Drop, a Toronto, Canada-based personalized mobile rewards platform for shoppers to earn on everyday purchases, raised $44m in Series B funding.
The round was led by HOF Capital, with participation from returning investors New Enterprise Associates (NEA), Sierra Ventures, White Star Capital and Royal Bank of Canada.
The company intends to use the fudns to continue to innovate its user experience, extend its machine learning capabilities, accelerate growth, which includes adding new partners, users, and features, continuing to expand its Toronto and New York teams, and entering new markets including the UK and Australia.
Led by Derrick Fung, CEO, Drop allows users to earn cash rewards when they make purchases from over 300 merchant partners. Users have collectively earned nearly $19 million in rewards on their everyday purchases.
In addition, the platform connects brand partners with millions of millennial shoppers who have demonstrated an interest in their brands. Drop empowers brand partners to:
– acquire, nurture and reward hard-to-reach shoppers;
– understand their customers and competitors; and
– increase the effectiveness of their marketing spend.
The funding follows Drop’s recent acquisition of Canopy Labs, a YC-backed predictive analytics software company focused on improving and optimizing customer journeys.
To date, the company has driven more than $350 million in sales for their partners, which include Postmates, Expedia and Glossier.