Drop (formerly Massdrop) is an American e-commerce company based in

San Francisco San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

, California. Drop uses data and insights from community to develop and find products that feed their interests in audio products and mechanical keyboards. The Drop community can also learn, share, shop with others, and participate in product development through polls, discussions, and interest checks.

History

Drop founders

Steve El-Hage Drop (formerly Massdrop) is an American e-commerce company based in San Francisco, California. Drop uses data and insights from community to develop and find products that feed their interests in audio products and mechanical keyboards. The Drop ...

and Nelson Wu met in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...

, Canada, where El-Hage was studying economics at the

University of Toronto The University of Toronto (UToronto or U of T) is a public university, public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park (Toronto), Queen's Park. It was founded by royal charter in 1827 ...

. The two had grown up using online forums as a way to explore their hobbies, but believed these forums had many shortcomings, including disorganized meetups and unreliable group buys. They thought that by combining their forum experience with their interest in

bulk buying Bulk purchasing or mass buying is the purchase of much larger quantities than the usual, for a unit price that is lower than the usual. Wholesaling is selling goods in large quantities at a low unit price to retail merchants. The wholesaler will ...

, they could create a site that would better support enthusiast communities. The pair moved to

Silicon Valley Silicon Valley is a region in Northern California that serves as a global center for high technology and innovation. Located in the southern part of the San Francisco Bay Area, it corresponds roughly to the geographical areas San Mateo Coun ...

, where they started Massdrop in 2012. Drop changed its name from Massdrop in April 2019.

Business model

Initially, Drop sold products exclusively from existing manufacturers. Intending to provide a collaborative environment, users were able to purchase as a group and influence the types of products sold, through participation in polls, community discussions, and posts. The company has since introduced exclusive enthusiast targeted private label products under the Drop name.

Past Drop products

Past products include the Massdrop x Sennheiser HD 6XX headphones, Massdrop x Sennheiser HD 58X headphones, Massdrop CTRL Mechanical Keyboard, Massdrop x Sennheiser PC37X gaming headset, Massdrop x Koss ESP/95X, among others.

Funding

In September 2014, Drop raised $6.5 million in a Series A round led by

Mayfield Fund Mayfield, also known as Mayfield Fund, is a US-based venture capital firm that focuses on early-stage to growth-stage investments in enterprise and consumer technology companies. Founded in 1969 and based in Menlo Park, California Menlo Park ...

with additional investment from previous backers

Kleiner Perkins Caufield & Byers Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneur ...

, First Round Capital, and Cowboy Ventures. In August 2015, the company secured $40 million in Series B funding led by August Capital with additional investment from Mayfield Fund, First Round Capital, and Cowboy Ventures.

References

External links

*
Drop on Facebook

Drop on Twitter
{{DEFAULTSORT:Drop Online retailers of the United States