Claim, a platform combining a rewards app and a social network, has successfully secured $4 million in a seed funding round led by Sequoia Capital. The startup aims to infuse shopping with fun, rewards, and a social element. Launched in an invite-only beta in January, Claim is currently targeting university and college students in Boston.
According to CEO Sam Obletz, the inspiration behind Claim originated from a desire to explore the concept of digital ownership. Obletz and CTO Tap Stephenson, both Yale alumni, conceptualized a platform where users could earn real-world usable rewards linked to their credit cards. The focus evolved to include the ability to exchange rewards with friends, creating a social mechanism that sets Claim apart.
Claim transforms consumer rewards into a multiplayer experience akin to trading cards for brands, allowing users to share rewards, try new places, and earn status while saving money. Obletz highlighted Claim’s benefits for marketers, emphasizing the platform’s ability to help brands reach new customers without relying on traditional advertising platforms.
Claim’s early success includes positive results for partners on the platform, with one achieving 97% of their new customer goal in half the expected time and another acquiring customers with a 35% repeat rate within 30 days.
Currently concentrating on Gen Z as its user base, Claim aims to tap into this demographic’s interest in authenticity and dissatisfaction with pervasive advertising on social media. The startup plans to continue testing in Boston, where it boasts over 10,000 users, before expanding nationally.
The newly secured funding of $4 million will be allocated to hiring new talent, growing the existing eight-person team, and focusing on engineering testing before venturing into new markets. This seed round follows an undisclosed $2 million pre-seed round led by Susa Ventures and Box Group, with participation from various investors, including 6th Man Venture, Reflexive Capital, A* Capital, GSW Ventures, The Kraft Group, and more.
