Platform Claim, a unique fusion of a rewards app and a social network, has successfully secured $4 million in a seed funding round led by Sequoia Capital. The company’s primary mission is to inject enjoyment, rewards, and social interaction into the shopping experience. Initially launched as an invite-only beta in January, Claim is presently concentrating on engaging university and college students in the Boston area.
Claim introduces a novel approach, allowing users and their friends to collectively earn cash back, swap rewards, and redeem them together. Emphasizing real-world value and shared experiences over manufactured content and reposts, Claim positions itself as a social network with a distinctive focus.
Founded by CEO Sam Obletz and CTO Tap Stephenson in November 2021, the genesis of Claim traces back to their time as roommates at Yale. The duo’s reunion at Harvard Business School sparked the idea for Claim, stemming from their contemplation of digital ownership. Their exploration led them to question how to eliminate friction from owning something online, culminating in the creation of Claim.
Initially conceived as a platform for earning real-world usable rewards linked to credit cards, Claim evolved to facilitate sharing rewards with friends and trading them. Obletz and Stephenson discovered they were pioneering a social mechanism not widely present in current platforms.
Claim offers consumers an innovative experience akin to trading cards, but for brands. The startup transforms consumer rewards into a multiplayer game, enabling users to share new experiences while saving money.
The startup’s unique feature allows users to send special rewards to friends, such as a free acai bowl from a favorite coffee shop or a t-shirt from a preferred streetwear brand. Users can exchange rewards, explore new places together, and gain status from spending at brands. Claim’s weekly “drop” enables users to unwrap a new reward simultaneously, deciding whether to redeem, gift, or trade it with friends.
While Claim focuses on enhancing the consumer experience, it also addresses the needs of marketers and brands. The platform provides a non-intrusive way for brands to reach new customers through rewards shared by friends, contrasting with traditional ad bombardment on platforms like Google, Instagram, and TikTok.
Claim has shown promising early results, with partners achieving significant milestones in customer acquisition. The startup collaborates with a range of merchants, including Fortune 500 companies like PepsiCo and local establishments like Life Alive in Boston.
Targeting Gen Z as its primary user base, Claim believes this demographic values authenticity and seeks alternatives to pervasive advertising on social media. With over 10,000 users in Boston, the startup plans to continue testing before a national expansion.
The recent funding infusion of $4 million will be allocated to hiring new talent and expanding the current eight-person team. Additionally, Claim aims to focus on engineering perspectives for testing and learning before venturing into new markets. The seed round follows a previously undisclosed $2 million pre-seed round led by Susa Ventures and Box Group, with participation from 6th Man Venture, Reflexive Capital, A* Capital, GSW Ventures, The Kraft Group, and others.
