Drop

Drop is a mobile-first rewards platform designed to help innovative brands acquire and retain millennial customers. With no cards to carry or multiple applications to open, Drop is a single platform for consumers to earn and discover relevant experiential rewards from everyday purchases.

Drop

Drop

The Story

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.

$30M

raised to date

1M+

Millennial members

#12

ranking in the Lifestyle App Store

Drop Drop Drop Drop Drop

Drop

Drop is a mobile-first rewards platform designed to help innovative brands acquire and retain millennial customers. With no cards to carry or multiple applications to open, Drop is a single platform for consumers to earn and discover relevant experiential rewards from everyday purchases.

Overview

Next generation rewards platform for mobile consumers

Management

  • Derrick Fung Drop

    Derrick Fung

    Co-Founder, Chief Executive Officer

  • Darren Fung Drop

    Darren Fung

    Co-Founder, Chief Technology Officer

  • Cameron Dearsley Drop

    Cameron Dearsley

    Co-Founder, Head of Design

Industry

FinTech

Year Founded

2015

Investment Series

Fund III

Recent highlights

  • TechCrunch Logo2

    NEA Leads $21M Round for Drop, a Rewards App for Millennials

  • CNBC logo

    Drop Snags Airbnb’s Former Head of Engineering

  • Digital Trends Logo

    Earn Rewards As You Spend Money With The New Drop App

  • Forbes Logo

    3 Easy Ways to Earn Cash Back in 2018

  • Buzzfeed logo

    This App Pays You for Shopping at All the Stores You Normally Do and I’m Obsessed

Recent highlights

  • TechCrunch Logo2

    NEA Leads $21M Round for Drop, a Rewards App for Millennials

  • CNBC logo

    Drop Snags Airbnb’s Former Head of Engineering

  • Digital Trends Logo

    Earn Rewards As You Spend Money With The New Drop App

  • Forbes Logo

    3 Easy Ways to Earn Cash Back in 2018

  • Buzzfeed logo

    This App Pays You for Shopping at All the Stores You Normally Do and I’m Obsessed