Drop.io Raises $2.7 Million

Drop.io, a New York-based online content sharing platform, has raised $2.7 million in Series A-1 funding. Backers include DFJ Gotham and RRE Ventures.

PRESS RELEASE

Drop.io, Inc. (http://drop.io), the simple private exchange platform, announced today that it closed a $2.7M Series A-1 financing led by New York venture capital firms DFJ Gotham and RRE Ventures. The capital will be used to support Drop.io's continued infrastructure and engineering team growth, as well as some expanded marketing efforts. Jed Katz, Managing Director of DFJ Gotham, will be joining Stuart Ellman, Managing Partner at RRE Ventures, Andrew Weinreich, founder of Sixdegrees.com and CEO of Meetmoi, and Sam Lessin and Darshan Somashekar, the founders of Drop.io, on the Board of Directors.

“We are firm believers in the simplicity, privacy and utility offered by Drop.io,” said Jed Katz. “Sam and Darshan are very creative, quick moving entrepreneurs who really understand what kinds of online tools people are craving. We look forward to helping them take Drop.io from development to early-adoption to mainstream consumption.”

In addition to its second round of funding, Drop.io announced the creation of its Advisory Board, composed of Nicholas Negroponte, MIT Media Lab founder and OLPC founder, Strauss Zelnick, Chairman of Take-Two Interactive Software and former CEO of BMG Entertainment, and Bain & Company partner David Cooper.

“We are thrilled to have DFJ Gotham join the Drop.io team. We now have two of the premier New York venture capital firms as partners, as well as a world class group of advisors to aid Drop.io as we look to improve the way people privately and simply share content on the web,” said Darshan Somashekar, Co-Founder of Drop.io

Along with these announcements, Drop.io also is releasing several new enhancements to its product, including a function to create “drops” on the fly via email or MMS, and rich RSS enclosures. It also recently launched a free fax service, allowing visitors to fax documents to and from its service. Additionally, each drop now includes a free conference call number that helps foster improved collaboration opportunities.

About Drop.io

Drop.io allows consumers to create their own private online spaces where they can easily share photos, videos, documents, and other types of media with others. By default, drops are “private” — consumers control how and with whom drops are shared. Drop.io never requires any type of account registration, and all drops can be password-protected and set to expire after a period of time. Drop.io provides multiple methods of sharing content — by uploading through the Web site, sending email or MMS messages to the drop email address, faxing assets in and out, or by calling the drop voicemail number to leave a voice notes. The service is used by an incredibly wide range of users ranging from mothers sharing baby photos to large companies using 'drops' as collaborative workspace. The company was founded by Sam Lessin and Darshan Somashekar in 2007.

About RRE Ventures

Since its founding in 1994, RRE Ventures has been dedicated to helping talented management teams build leading companies in the software, communications, and financial services industries. With $850 million in assets, the firm backs entrepreneurs and management teams that possess the knowledge, vision, and discipline to create market-dominating companies. RRE's team offers a unique combination of management, operations, and investment expertise, as well as an unrivaled network of relationships that has helped build over ninety companies. For more information, visit: www.rre.com

About DFJ Gotham

DFJ Gotham Ventures is an early-stage venture capital firm based in New York City focused primarily on investments in information technology startups based in the Northeast U.S. and Israel. The firm partners with extraordinary teams of entrepreneurs to build strong and successful businesses that make a huge impact in their industries. DFJ Gotham takes pride in being an active partner, leveraging our experience, knowledge and relationships to provide substantial value to our portfolio companies. DFJ Gotham is part of the Draper Fisher Jurvetson Global Network, the largest venture capital network in the world.

Website: http://www.drop.io/