The Craftory has invested USD15 million in Dropps, a direct-to-consumer provider of eco-responsible household cleaning products.This investment will allow Dropps to scale up and meet the growing demand for its subscription business. Dropps intends to expand its team and product development capabilities.
Philadelphia-based Dropps invented the original liquid laundry detergent pod in 2008 and is now widely regarded as one of the US’s leading challenger brands. Since then, laundry detergent pods have taken the world by storm, with unit dose detergent sales making up 18 per cent of the USD7.3 billion US market in 2018.
Dropps was named EPA Safer Choice Partner of the Year for outstanding achievement in formulation and product manufacturing of both consumer and institutional/industrial products, and was ranked on the 2019 Inc. 5000 list of America’s fastest growing companies.
“The Craftory is an ideal partner for our business and I’m humbled by their investment,” says Jonathan Propper, founder and CEO of Dropps. “Their founders and operational team provides more than just money to their portfolio companies. In addition, The Craftory’s revolutionary investment philosophy aligns well with our mission-driven values so we can maintain our triple-bottom line of social, environmental and financial impact.”
Ernesto Schmitt, Co-founder and Arch Crafter at The Craftory, says: “When a third of all detergents are wasted and with a supply chain built on single-use plastic and unnecessary chemicals, anyone can see that this is an industry crying out for innovation.
“We were drawn not only to the mission-based approach of the Dropps team but also the ‘no bullshit’, simple approach they take to fixing a broken industry. The ‘find the stupid and remove it’ mantra speaks to our own goal of backing the companies that will transform the world for the better and we couldn’t be prouder to be welcoming them into The Craftory family.”
Elio Leoni Sceti, Co-founder and Chief Crafter at The Craftory, says: “Convenience is a wonderful thing, but irresponsible convenience that goes unchecked is doing untold harm to the world.
“Dropps is a model challenger brand making the right choices for the planet and its consumers. We have been impressed by Jonathan, a seasoned entrepreneur with more than 30 years of experience in the fabrics and detergents industry.”
