Drop Announces $21 Million Series A Round
Drop, a fast-growing, millennial-focused rewards program, announced today it has raised $21 million in Series A funding, led by top venture capital firm New Enterprise Associates (NEA). The round also features continuing participation from Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures, and Silicon Valley Bank.
Drop is a personalized rewards program that seeks to bring value to millennials by making everyday activities more rewarding. Drop enables users to earn rewards by spending with any debit and credit cards they link to the app, eliminating the need to scan receipts, enter promotional codes or sign up for additional loyalty programs. The intelligent mobile app surfaces relevant offers and rewards based on what users are spending, creating a personalized, seamless experience for the consumer. Founded in 2015, Drop has built up a base of more than one million millennials while reaching No.2 in the Apple’s App Store.
According to the company, the cash infusion will support Drop’s rapid growth in 2018. This includes an upcoming engineering push directed by Drop’s new executive hire, Ian Logan, formerly director of engineering at Airbnb, where he led the charge on all of Airbnb payments.