London, UK-based omnichannel retail technology company, Dropit closed its Series C round at USD 25 million. The company announced the closure on November 3, 2022. Vault Investments led the financing for the firm. Meanwhile, the round saw participation from Tiga Investments, Axentia, and Sugarbee.
So far, the total funding of the company amounts to USD 50 million.
Purpose of financing for Dropit
With the latest capital injection, Dropit intends to bolster its go-to-market capabilities.
It also seeks to extend its U.S. sales office in Austin and Texas. Besides, the company has plans to ramp up its hiring operations. It aims to grow its team to more than 100 employees and add key hires for open positions across 12 states to support both brand and mall partners.
What the CEO has to say
Karin Cabili, CEO and Founder of Dropit, said, “Some of the biggest headaches retail faces today boil down to brands keeping their in-store and online inventory separate. 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 minimize their impact on the environment while simultaneously speeding up shipping times.”
What the investor has to add
Terry Lundgren, the Former CEO of Macy’s, an investor in Dropit and also on the company’s board, said, “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. This technology breathes new life into the retail ecosystem as a whole.”
About the company
Karen Cabilli founded the company in 2014. It is an omnichannel retail technology company that unifies brands’ in-store and online inventories and distribution channels. Dropit’s smart-sourcing technology, leveraged with existing fulfilment management systems, allows brands to access the existing network of physical store locations to sell all available inventory, as well as avoid wasting products. Moreover, it reduces the environmental impact of high carbon emissions due to last-mile delivery by sourcing orders to locations closest to the customer without the need to replace legacy systems. Dropit recently forayed into the consumer electronics space by adding Razer to its growing roster of brands it services, further bolstering its positioning as a technology provider for all types of retail. Dropit consolidates multi-brand orders, enhancing the customer experience by allowing them to receive their purchases in a single shipment or on-site pick-up, which decreases packaging waste and emissions.
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