Rewards app Drop raises $59 mln in HOF-led Series B, RBC invests
Toronto-based mobile rewards platform Drop has raised $59 million (US$44 million) in a Series B financing, bringing total funding to $95 million (US$71 million). The round was led by U.S. venture capital firm HOF Capital and joined by New Enterprise Associates, Sierra Ventures and White Star Capital. RBC, Canada’s largest bank, also signed on as a strategic investor. Founded in 2015 and led by CEO Derrick Fung, Drop provides a free app that allows users to earn cash rewards on their purchases with more than 300 merchants. In addition, it connects brands with shoppers, including much sought-after Millennials.
22 August 2019•2 mins read
