Drop, the social commerce shopping app that helps brands slide into consumers' DMs, has raised $5.5 million in a round of seed funding.
WHO: Drop was launched in January 2022 by a trio of co-founders from the digital marketing and agency world inspired by social shopping in China and seeing an opportunity with brands' perpetual struggle with changing algorithms. Drop developed direct messaging as a sales channel, enabling customers to communicate instantaneously with a brand without leaving the social media ecosystem or being led to an external website.
WHY: The funding is going toward staffing up on the engineering side to develop the platform as it launches more features and two brand partnerships.
IN THEIR OWN WORDS: "What the vast majority of brands are competing against is conversion optimization," co-founder and Chief Executive Officer Benjamin Benichou told WWD. "We don't want to force followers to leave a social media application to visit a website, we want to bring the product directly to them."
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