A $44m series B Drop in the bucket for millennial loyalty

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Commerce and marketing are radically changing these days. Consumers are increasingly looking for brands they identify with, while at the same time, the cost of acquiring users is increasing year-over-year for marketers. For brands, that math makes marketing complicated: they want to reach the right customers with the most efficient acquisition channels in order to drive the best return.

Toronto-headquartered Drop thinks it has a formula — and one that might put some dollars (Canadian and U.S.) in consumers’ pockets. Drop is a mobile app that scans your credit card purchases and then proceeds to give you offers on things you might want to spend.

Those offers have now led to a big offer from VCs, to the tune of a $44 million series B round of capital led by Onsi Sawiris of HOF Capital . In addition, the Royal Bank of Canada joined the round as a strategic investor.

NEA leads $21m round for Drop, a rewards app for millennials

When we last caught up with CEO and founder Derrick Fung, Drop had recently raised its series A from NEA. In the interim, the startup has continued to grow rapidly, providing customers $19 million in rewards

https://contacted.org/2019/08/a-44m-series-b-drop-in-the-bucket-for-millennial-loyalty/