We’re excited to share that Drip has raised $28.5 million in combined seed and Series A funding from Base10 Ventures, Kindred, Harlem Capital, as well as various angels — plus, of course, Eniac Ventures. The Series A values the company at more than $100 million.
You can read more about the funding in TechCrunch, where CEO Javaughn Lawrence describes his startup as building “the Shopify for livestream commerce.” In other words, it’s creating tools that anyone can use to offer live shopping experiences such as livestream auctions and drops.
Javaughn co-founded the company with CTO Sameep Sheth — the two of them met while working together at OnDeck.
And although it started with physical collectibles (the idea came from Javaughn and Sameep’s experience with a Facebook group where collectors could open and sell Pokémon cards, where they saw that everyone remained highly engaged despite the “very bad” product experience), Drip is moving into the world of web3, allowing users to accept cryptocurrency payments and soon adding the capability to sell NFTs.
While we’re excited and proud when any founder in our portfolio raises a Series A, that’s even more true here. Eniac hired Javaughn as our very first analyst, and after that, he worked with us as an entrepreneur-in-residence, where he developed the initial idea for Drip.
We also continue to be inspired by Javaughn’s story as a first-generation immigrant and college grad. He started his first “company” as an eight-year-old delivering groceries to his neighbors in Jamaica — he even had some of his friends working for him!
So congratulations to Javaugh, Sameep, and team. We’re excited to see where Drip goes from here!
In addition, Javaughn will be joining us on Tuesday, May 24 (next week!) for our Annual General Meeting, where he’ll talk about his founder journey in more detail. This will be a free, virtual event, so register now!