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December 22, 2023

Claim Raises $4 Million to Transform Shopping into a Social Experience

The brainchild of a rewards app and a social network, has just landed an impressive $4 million in a seed funding round

In a dynamic fusion of rewards and social connectivity, Claim, a unique platform, has successfully secured $4 million in a seed funding round led by the renowned Sequoia Capital. The startup, founded with a mission to redefine the shopping experience, not only aspires to make it enjoyable and rewarding but also infuses a social element into the process. Since its exclusive beta launch in January, the app has set its sights on captivating the hearts of university and college students in the vibrant city of Boston.

Imagine a world where shopping is not just a transaction but an immersive social experience. This is the ethos behind Claim, where users, particularly the younger demographic, can not only earn cash back but also exchange and redeem rewards collaboratively with their friends. More than just a rewards app, Claim positions itself as a social network that prioritizes genuine connections and shared experiences over the often superficial landscape of manufactured content and reposts.

Founded in November 2021 by CEO Sam Obletz and CTO Tap Stephenson, the roots of Claim trace back to the duo's shared journey from roommates at Yale to a serendipitous reunion at Harvard Business School. Their inspiration stemmed from questioning what it truly means to own something digital. Unpacking this concept, Stephenson explains, "We started Claim because we were really interested in what it meant to own something online." The evolution of Claim was a response to the desire to remove friction from the online ownership experience, blending elements of web3 and sports collectibles.

Claim is not just about accumulating digital rewards; it's a platform designed to bring real-world value to its users. Obletz and Stephenson envisioned a space where users could seamlessly earn rewards linked to their credit cards, transcending the typical limitations of online ownership. The concept evolved further, allowing users not only to use these rewards with friends but also to exchange them, introducing a novel social mechanism.

Claim's impact is already evident, with one partner on the platform reaching 97% of their new customer goal in half the anticipated time. Another success story boasts a customer acquisition rate with an impressive 35% repeat rate within just 30 days. These early victories underscore the platform's ability to turn consumer rewards into a multiplayer game, offering users the chance to share new experiences while enjoying financial benefits.

As Claim strategically focuses on the authenticity-seeking Gen Z demographic in Boston, where it currently boasts over 10,000 users, the startup's vision extends beyond regional borders. With the recent $4 million seed funding injection, Claim is gearing up to expand its talented eight-person team, enhance its engineering capabilities, and conduct thorough testing before venturing into new markets. The journey of Claim is not just a financial evolution; it's a testament to the transformative power of merging social connectivity with the age-old act of shopping, creating an experience that transcends transactional boundaries. The next chapter for Claim promises to be an exciting exploration of the intersection between rewards, social dynamics, and the evolving landscape of consumer engagement.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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