Early Stage Companies: DROPIT

11 September 2019

We completed live-audience engagement and entertainment activations for a number of partners in the sports and entertainment industries, across a range of venues.

We also made a number of developments and improvements to the technology that underpins the service we provide including the making of in-app targeted offers, the launch of our live-auction minimalisation and watch-listing features, and the implementation of our new user invite programme.

The stability and functionality of our technology was tested with the frequency of our auctions running outside of live events increasing to more than 1,200 per day and operating across New Zealand and the United States.

We had one round of NZ$2M which was mostly follow on from existing investors with one new investor. All of the investors were New Zealanders.

We have employed a Chief Commercial Officer and two senior developers in Tauranga, including our Chief Technology Officer. These developers work partly on our existing platform but mostly on our R&D projects. By combination of the stage of development our technology has reached and having determined to make our technology available as a B2B SaaS, we have been able to substantially reduce our cost base.

In April, we established an office in Auckland.

We are focussing on developing our SaaS capability to enhance our customer experience and the scalability of our business. We will have the capacity to service international customers from New Zealand any time at any venue that has the wifi infrastructure to accommodate the large numbers of users we can have in-venue.

The biggest challenge has been meeting customer feedback and managing our cost base. Our SaaS model achieves both of these objectives.

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