Omnichannel retail technology firm Dropit nets hefty Series C funding round
Dropit, which provides sourcing, allocation, fulfilment and last mile distribution solutions that can be integrated directly into brands’ existing fulfilment management systems, has completed a $25 million Series C funding round, bringing the company’s total funding to $50 million.
This was led by Vault Investments, a first time investor who will also be joining Dropit’s board. The round was supported by previous backers such as Tiga Investments, Axentia, and Sugarbee.
The new capital will enable it to build out its US sales office in Austin, Texas, grow its team to over 100 employees and add key hires for open positions across 12 states to support both brand and mall partners.
“Some of the biggest headaches retail faces today boil down to brands keeping their in-store and online inventory separate,” says Karin Cabili, CEO and Founder, Dropit.
“The next wave of retail will require brands to use technology to advance operational efficiency and adapt to the constantly evolving shopping habits of consumers, who have grown accustomed to the convenience provided by online shopping.”
“By unifying online and offline inventories, brands can reduce operational costs and minimise their impact on the environment, while simultaneously speeding up shipping times.”
“The retail industry continues to change, but this is one of the biggest issues I’ve seen the industry face for decades with no real solution to date,” says former CEO of Macy’s and Bloomingdales, Terry Lundgren, who invested in Dropit and also sits on the company’s board.
“This technology breathes new life into the retail ecosystem as a whole.”
Dropit recently added consumer electronics company Razer to the roster of brands it services.
It also currently powers PRIMARCHÉ, pitched as the world’s first multi-mall, multi-brand marketplace, to connect Canada-based stores and brands into a single, one-stop-shop that mirrors the in-person mall experience online.
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