On January 30, 2018, Drop Technologies Inc. (“Drop”) announced that it has raised US$21 million in its Series A financing. The round was led by New Enterprise Associates (“NEA”), along with continuing participation from Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures, Silicon Valley Bank and other new and existing investors.
Drop intends to use new funding to support the company’s ongoing growth in 2018.
Drop is a coalition loyalty program that allows its customers to earn points on debit and credit card purchases made at a variety of brands in different industries (e.g. transportation, retail, grocery, etc.). Drop is a mobile-based platform which allows seamless earning and redemption and analyzes spending to curate user rewards.
NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With over $19 billion in cumulative committed capital, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle.
Osler, Hoskin & Harcourt LLP represented Drop with a team led by Chad Bayne that included David Jamieson and Andrew Irwin (Corporate), Marta Rochkin and Arthur Rousseau (Banking & Financial Services), Allison Di Cesare (Employment & Labour) and Shaela Rae (Osler Works – Transactional).