The people
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Working at Drop
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On the TechTO stage
Building High Potential Start-up Teams
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5 Important Business Lessons
Watch on YouTube ↗Taking an Omni-Channel Approach | A Presentation by Amber Foucault
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About
Drop launched in Canada and the US in 2017 as a card-linked rewards app: users connected existing debit and credit cards, earned points on everyday purchases, and redeemed them for gift cards. Merchants funded the offers to target spending — a model CEO Derrick Fung described on the TechTO stage in 2017. The company raised a $58M CAD Series B in 2019 and later built a consumer-spending data business. Liquidity deteriorated through 2024 and 2025, and after a buyer walked away from a going-concern sale, the Ontario Superior Court appointed KSV Restructuring Inc. as receiver over Drop Technologies on December 11, 2025.
Backers
Press coverage of the 2019 Series B named HOF Capital (lead), NEA, Sierra Ventures, White Star Capital and Royal Bank of Canada; earlier rounds were reported to include ff Venture Capital and Rothenberg Ventures. Assumption — the full cap table was not independently confirmed.
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Quick answers
What did Drop do?
Drop was a Toronto rewards app. Users linked their existing debit and credit cards and earned points on everyday spending, then redeemed them for gift cards. Merchants funded the offers to drive shoppers into their stores.
Who founded Drop?
Derrick Fung, who was CEO, along with his brother Darren Fung and Cameron Dearsley. Fung said on the TechTO stage in 2020 that he started Drop five years earlier and that his brother and Cameron handled code and design.
What happened to Drop?
It entered receivership. The Ontario Superior Court appointed KSV Restructuring Inc. as receiver over Drop Technologies on December 11, 2025, on application by National Bank of Canada, after a buyer terminated a going-concern sale the day before.
How big did Drop get?
Over 3 million registered users across Canada and the US by August 2019, when it closed a $58M CAD Series B and had raised $94.5M CAD in total. Court filings put it at roughly one million active app users at its peak.