Tuesday, March 11, 2008

Drop.io--The simple private exchange platform got $2.7M Series A-1 financing

What Company Is Offering:
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.

How It Works:

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.

How Much They Got From VCs:
Drop.io, Inc. , the simple private exchange platform, announced 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.

About VCs:
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

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.

More at:http://drop.io

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