Claim, a reward-centric social network, secures $4 million in seed funding
Claim, a groundbreaking platform fusing a social network with a rewards app, has disclosed securing $4 million in seed funding, with Sequoia Capital leading the charge. Additionally, the startup revealed a previously undisclosed $2 million pre-seed round, with Susa Ventures and BoxGroup at the helm.
Founded in November 2021 by CEO Sam Obletz and CTO Tap Stephenson, Claim introduces an innovative concept where users and their friends can collectively earn cash back, trade rewards, and redeem them together. In contrast to traditional social networks centered on manufactured content, Claim places emphasis on real-world value and shared experiences.
Currently in an invite-only beta phase since its January launch, Claim strategically targets university and college students in Boston. Initially conceived as a platform linking rewards to users' credit cards for real-world use, the founders expanded their vision to allow users to share and exchange rewards with friends, creating a unique social mechanism that addresses current gaps.
"Since launching Claim as an invite-only beta in January (4.8 star rating on iOS App Store), we've seen incredible traction with over 10k students across universities in Boston and thousands of customer acquisitions for brand partners. Building on this momentum, we plan to expand across the US next year," shared Obletz and Stephenson in a blog post.
Claim has cultivated partnerships with a diverse array of brands, ranging from industry giants like PepsiCo to emerging direct-to-consumer fashion labels such as For Others, extending even to fast-casual restaurants like Life Alive. These partnerships share a common goal — establishing authentic connections with their most valuable new customers.
Early outcomes of these collaborations suggest a promising trajectory for Claim. One partner achieved an impressive 97% of their new customer target in half the anticipated time, while another success story involves acquiring customers with an impressive 35% repeat rate within just 30 days.
Source: adapted from an article by Sophie Blake, Author of Archives for Mobile Marketing Reads.