Our team first met Derrick, CEO of Drop, through the Toronto technology ecosystem several years ago. At the time of first meeting, we were extremely impressed by Derrick, his team and the work that they were accomplishing at Drop, but the company was too early-stage for PV’s investment thesis.
At various industry events, PV built a strong rapport with Derrick. We anticipated that his company would soon enter into our sweet spot – it was simply a question of when, not if. We continued to follow Drop’s success, waiting for our moment in time to reveal itself.
In late 2017, the moment arrived when our team was formally re-introduced to Drop’s management by an existing VC investor in the company. Thanks in part to our existing relationship with Derrick, we were fortunate to be included for a small slice of the large Series A financing round led by New Enterprise Associates (NEA).
We look forward to working with the team at Drop going forward, and foresee great things on the horizon for this company.