May 10, 2017

Dropoff gets $8.5 million in funding

Same-day delivery firm to use proceeds to more than triple U.S. footprint.

By DC Velocity Staff

A group of investors has provided $8.5 million in funding to Dropoff Inc., the delivery company said.

The equity infusion will enable Austin, Texas-based Dropoff, which specializes in same-day, last-mile deliveries, to expand its U.S. network to 50 cities, the company said. Dropoff recently added San Diego; Fort Worth, Texas; and Nashville, Tenn., bringing to 15 the number of U.S. markets it serves.

The financing round is being led by Atlanta-based Fulcrum Equity Partners. James Douglass, a Fulcrum partner, will join Dropoff's board, as will Scott Dorfman, a retail and e-commerce veteran who was CEO of a company called Innotrac, which merged with e-commerce firm eBay Enterprise to form Radial.

The announcement of the financing was made Monday.

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