Drop.io Closed a $2.7M Series A-1 Financing

Drop.io, Inc. has 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.

Drop.io, Inc.