Drop is a coalition customer loyalty program, in which users earn points using their linked debit or credit cards. Users choose five rewards partners such as

Sephora Sephora is a French multinational retailer of personal care and beauty products. Featuring nearly 340 brands, along with its own private label, Sephora Collection, Sephora offers beauty products including cosmetics, skincare, body, fragrance, n ...

Starbucks Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. It is the world's largest coffeehouse chain. As of November 2021, the company had 33,833 stores in 80 c ...

Uber Uber Technologies, Inc. (Uber), based in San Francisco, provides mobility as a service, ride-hailing (allowing users to book a car and driver to transport them in a way similar to a taxi), food delivery (Uber Eats and Postmates), package ...

, and

Whole Foods Market Whole Foods Market IP, Inc., a subsidiary of Amazon, is an upscale American multinational supermarket chain headquartered in Austin, Texas, which sells products free from hydrogenated fats and artificial colors, flavors, and preservatives. A US ...

to earn points with. The program started in the Canadian market during August 2015 and expanded into the American market during October 2017, after a six-month private beta. The Drop Rewards program requires that users download a companion app on an

iOS iOS (formerly iPhone OS) is a mobile operating system created and developed by Apple Inc. exclusively for its hardware. It is the operating system that powers many of the company's mobile devices, including the iPhone; the term also includes ...

or Android device. According to Drop, the service was designed as a way for brands to earn exposure with

millennials Millennials, also known as Generation Y or Gen Y, are the Western demographic cohort following Generation X and preceding Generation Z. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000 ...

. As of November 2017, the company had 500,000 users. This number has since risen to 1 million users as of January 2018.

Funding

In August 2015, Drop raised a CA$1 million round of initial financing for launching the app. In October 2017, Drop raised a $5.5 million seed round of venture capital financing led by Sierra Ventures. As part of the deal, Mark Fernandes joined Drop's Board. In February 2018, the company announced that they had raised a US$21 million

series A A series A round (also known as series A financing or series A investment) is the name typically given to a company's first significant round of venture capital financing. The name refers to the class of preferred stock sold to investors in exchan ...

round, led by

New Enterprise Associates New Enterprise Associates (NEA) is an American-based venture capital firm. NEA focuses investment stages ranging from seed stage through growth stage across an array of industry sectors. With ~$25 billion in committed capital, NEA is one of the w ...

. Later that year Drop acquired customer analytics company

Canopy Labs Canopy Labs is a customer analytics company headquartered in Toronto, Ontario, Canada with offices in San Francisco. It was founded in 2012 and offers SaaS marketing analytics for businesses and organizations.Ha, AnthonyY Combinator-Backed Canopy ...

. In August 2019, the company announced their series B round which was a total of US$44 million, led by HOF Capital and Royal Bank of Canada (RBC) participated as a strategic investor.

References

{{Customer loyalty programs Customer loyalty programs Customer loyalty programs in Canada Companies based in Toronto Canadian companies established in 2015 IOS software Android (operating system) software