Rewards app Drop raises $26 mln in NEA-led Series A round
Toronto-based mobile rewards program Drop has secured about $26 million (US$21 million) in a Series A financing. U.S. venture capital firm New Enterprise Associates (NEA) led. It was joined by Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and Silicon Valley Bank, most of which invested in the company's seed funding last year. Drop also announced it has hired Ian Logan, formerly an Airbnb executive, as vice president of engineering. Drop provides a free mobile app that allows millennials to earn rewards while shopping. Founded in 2015 by CEO Derrick Fung, the company will use the funds raised for a "major innovation push" in 2018.
30 January 2018•4 mins read
