Drop

artificial intelligence/machine learning

FOUNDING YEAR: 2015
LOCATION: Canada
Last Update: 17/07/2020

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MEDICI Analysis

Drop is a mobile app that provides rewards and offers to members when they shop by using their cards. The iOS app allows users to earn rewards and points in addition to the offerings of their current card reward programs

Focus

PRODUCTS & SERVICES

Users simply have to link their credit and debit cards to the mobile app. Once linked, the user are awarded with points, whenever they spend with Drop’s merchant partners. The platform leverages machine learning to customize offers for consumers and learn about their changing spending habits.

People

FOUNDERS

Akhil Gupta

Cameron Dearsley

Darren Fung

Derrick Fung

BOARD MEMBERS AND ADVISORS

Eric Martineau-Fortin

Brian Sinclair

Adam Plotkin

Vignesh Ravikumar

Albert Lee

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Capital One Growth Ventures

CSC Upshot Ventures

FF venture capital

Hedgewood

HIGHLINE

HOF Capital

New Enterprise Associates

New Enterprise Associates (NEA)

Portag3 Ventures

Rothenberg Ventures

Sierra Ventures

Silicon Valley Bank

White Star Capital

KEY EMPLOYEES:

Derrick Fung (CEO); Darren Fung (CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$70.5 M

DATE OF LAST FUNDING

Mar 2019

SEED & PRIOR FUNDING

$5.5 M

SEED CLOSED ON

Oct 2017

FUNDING SERIES

SERIES A  · $21 M  · Jan 2018

SERIES B  · $44 M  · Mar 2019

LISTED

NO

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