Dropoff Raises $8.5 Million in Series B Funding
Same-day delivery solution eyes expansion to 50 cities across North America
AUSTIN, TX, May 8, 2017 (Newswire.com) - Dropoff, the company reinventing the courier industry with its innovative and technology-backed same-day delivery solution for business, announced today it raised $8.5 million in Series B funding led by Fulcrum Equity Partners in Atlanta. Other participants in the round include distinguished firms and Series A investors including Greycroft Partners and Correlation Ventures.
The completed Series B comes on heels of announcing expansion to three new markets — San Diego, Fort Worth, and Nashville — bringing the number of cities Dropoff serves to 15. The funds will be used in large part to ultimately expand to 50 markets.
“We are delighted to announce this milestone, which has put us on track to scale our innovative, same-day delivery solution at an exciting pace,” said Sean Spector, CEO of Dropoff. “Expectations have evolved, prompting more businesses to turn to same-day delivery to solve last mile challenges and satisfy their customers. This is helping to fuel our growth.”
As part of Dropoff’s concerted expansion effort, the funds will be used to grow local market teams as well as increase staffing at the company’s Austin-based headquarters by more than 50% in the next 18 months. Dropoff is expected to announce additional markets and regional office openings in the near future.
“Technology is creating a new standard in same-day delivery, and Dropoff is leading the way with a robust, proprietary platform,” said James Douglass, Partner at Fulcrum Equity Partners. “We’re excited to watch their vision and leadership reshape the logistics industry.”
Along with Douglass, former Innotrac (which merged with eBay Enterprise to become Radial) CEO Scott Dorfman will join Dropoff’s board. Dorfman, who brings decades of retail and ecommerce expertise and insight, added, “Ecommerce companies must meet a new level of customer expectation. Today’s customers want fast, reliable and professional delivery, and brands want to be represented in the absolute best light. Dropoff excels in all these areas.”
Dropoff currently works with leading brands across many industries relying on last mile same-day delivery to get items into the hands of their customers quickly and professionally, including Sprinkles, Whole Foods, Neiman Marcus, Zazzle, Airbnb, JW Marriott, and McKesson.
Dropoff has become the first national brand to modernize the standards of same-day delivery by offering businesses a superior experience built on convenience, reliability and unmatched customer service. Through innovative technology and trusted, professional delivery Agents, Dropoff seamlessly becomes an extension of any business and a true logistics partner. From real-time tracking and confirmations, transparent pricing, flexible delivery options, and feature-rich APIs, Dropoff offers businesses the same-day delivery solutions they need to satisfy customers and achieve their goals. For more information about Dropoff, visit https://www.dropoff.com.
About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity fund investing in high-growth tech-enabled business services, software and healthcare companies. Founded in 2006, Fulcrum provides capital to meet a wide range of needs, including internal growth initiatives, acquisitions and recapitalizations. The partners have over 125 years of relevant experience, including operations, venture capital, mezzanine finance, accounting, law, investment banking and strategy consulting. For more information about Fulcrum, please visit www.fulcrumep.com.