TheDrop.com Raises $4.6 Million Series A Funding to Streamline Global Streetwear
LAS VEGAS–(BUSINESS WIRE)–November 22, 2021–
Investors dropped $4.6 million through a Series A funding round on TheDrop.com, the leading Youth Lifestyle marketplace platform that syncs with hundreds of the trendiest streetwear, sneaker and skateboard brands and boutiques. Investors include Continental Investment Partners and Rimrock Venture Partners, as well as previous investors and multiple owners and managers of brands currently on TheDrop.com platform. The company has now raised $8.5 million in total.
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Part of the Las Vegas-based team at TheDrop.com. Back: Morris Jackson, Michael Sherwood, Alex Gross. Front: Tre Jackson, Mykayla Wells, Matt Falcinelli (Photo: Business Wire)
According to CEO Matt Falcinelli, the platform is quickly becoming the most desirable e-commerce destination in the U.S. for Millennial and Gen Z consumers seeking their favorite brands and discovering emerging designers. “We solve the primary challenge of the $200 billion Youth Lifestyle market: ‘How do brands grow their Direct-to-Consumer (DTC) business while the consumer is still a multi-brand shopper, spending 80% of that $200 billion at multi-brand destinations?’ For our merchants, we offer extended reach and DTC margins through our platform. For our customers, TheDrop.com provides a curated multi-brand destination with 70+ new ‘drops’ every day from 700+ brands.”
TheDrop.com plans to use the Series A funds to launch new content and brand ‘storytelling’ strategies, create real-time personalization across its user experience, and bring its entire DTC ecosystem to new parts of the world.
“We are thrilled to welcome Matt and his talented team at TheDrop.com to our portfolio,” said Paul Purcell, Partner at Continental Investment Partners. “Over the last decade, we have gained expertise and success investing in unique DTC and marketplace models. TheDrop.com has a great opportunity to make a real difference in the global youth market.”
Many boutique retailers have expressed their gratitude to TheDrop.com for helping them to stay afloat due to the success of the platform during the pandemic. Through this experience, many of these one- and two-location retail shops have come to realize their own digital reach is not sufficient to succeed and needs to be complemented with access to a curated multi-brand digital sales channel.
Leveraging its proprietary software platform developed in-house, TheDrop is now turning on localized instances of its marketplace in a rapidly growing number of International markets, exposing products from 100s of brands and retailers to new global audiences that could not shop these products until now.
TheDrop.com is the first marketplace platform of its kind in the U.S. to aggregate and curate products which are targeted to the Millennial and Gen Z consumer. Through its proprietary platform, TheDrop synchronizes the inventories of 300+ brands from the U.S., UK, Australia and Mexico, as well as over 30 of the top Streetwear, Sneaker, and Skateboard shops from across the country. TheDrop is now the strongest source of real-time trend intelligence in a $200 billion market.
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