“Revolutionizing Social Networking: Claim Secures $4M to Empower Users with Rewards and Trading Opportunities”

Claim, a platform that is both a rewards app and a social network, has raised $4 million in a seed funding round led by Sequoia Capital. With Claim, users and their friends can earn cash back, exchange rewards and even redeem them together. The platform is a social network that aims to focus on real-world value and communal experiences rather than manufactured content and reposts. “We started Claim because we were really interested in what it meant to own something online,” Stephenson told TechCrunch in an interview. They then decided that users should be able to use the rewards with their friends or exchange them.

Introducing Claim: The Revolutionary Platform That Combines Rewards and Social Networking

“Our mission is to make shopping fun, rewarding, and social.” – CEO of Claim

In a world where social media has become saturated with manufactured content and endless reposts, Claim offers a fresh and unique experience. Founded by CEO Sam Obletz and CTO Tap Stephenson, the platform is setting out to change the way we think about online ownership and social interactions.

Seeding Success: Claim Receives $4 Million in Funding

The startup has recently received $4 million in a seed funding round led by Sequoia Capital. This shows a strong belief in the platform’s potential to revolutionize the way we shop and socialize online.

“We saw this in web3 and we see this in sports, which is in collectibles. There’s always been places where you can own something online, but there was no generalized form of it. And so we started asking: what would it mean to remove all friction to actually owning something online? And that over time, led to Claim.” – CTO of Claim

Stephenson and Obletz share a passion for exploring the concept of digital ownership. Their idea for Claim stemmed from a desire to create a platform where users could earn rewards that hold real-world value and enjoy shared experiences with friends. As they developed this idea, they realized they were building a social mechanism that has not yet been fully explored.

A New Kind of Social Experience: Discovering Brands Through Rewards

Claim brings a new kind of experience to consumers by combining the concept of trading cards with beloved brands. The platform offers a multiplayer game-esque experience, allowing users to discover and try out new products with their friends while saving money.

“If you love a brand and your friend hasn’t checked it out yet, you can send them a special reward like a free acai bowl from your favorite coffee shop or a t-shirt from your favorite streetwear brand. You can exchange rewards, try new places together, and earn status from spending at brands.” – CEO of Claim

Benefiting Consumers and Marketers Alike

While Claim aims to enhance the consumer experience, it also offers a valuable tool for marketers and brands. Rather than bombarding potential customers with traditional ads, Claim allows brands to reach new customers through rewards from their friends. In a world where authenticity is valued and advertising is often seen as intrusive, this approach may prove to be more effective.

“We make it so much easier for marketers. We can find customers based on where they shop and where their friends shop. If they haven’t gone before, we can give them a reward to try their brand for the first time, which is super critical because we’re bringing in real new customers.” – CEO of Claim

The early results from Claim have been promising. One of their partners on the platform hit 97% of their new customer goal in half the expected time, while another acquired customers with a 35% repeat rate within 30 days.

Focusing on Gen Z and Expansion Plans

Currently, Claim is focused on Gen Z as its primary user base, believing that this group values authenticity and is tired of traditional advertising. However, with more than 10,000 users currently in Boston, the startup has plans to expand nationally in the future.

The funding received will be used to hire new talent and further develop the platform. Claim will also continue to test and learn from an engineering perspective before expanding into new markets. This latest seed round follows an unannounced $2 million pre-seed round led by Susa Ventures and Box Group.

With participation from other investors such as 6th Man Venture, Reflexive Capital, A* Capital, GSW Ventures, and The Kraft Group, Claim is well-equipped to continue its mission of making shopping fun, rewarding, and social.

Closing Thoughts

Claim is a promising startup that aims to change our digital experience and bring real-world value and social interactions into the online world. With a unique approach to rewards and social networking, the platform has the potential to impact not only consumers but also brands and marketers. With its recent funding and ambitious expansion plans, it will be exciting to see how Claim revolutionizes the way we think about ownership and social interactions online.

Sources:

“Claim, the app that lets you earn rewards with friends, raises $4M from Sequoia” – TechCrunch

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Zara Khan

Zara Khan is a seasoned investigative journalist with a focus on social justice issues. She has won numerous awards for her groundbreaking reporting and has a reputation for fearlessly exposing wrongdoing.

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