Claim, a social network based on rewards, raises $4 million in seed funding

Claim, a platform merging a social network with a rewards app, announced its $4 million seed funding round led by Sequoia Capital, and its previously unannounced $2 million pre-seed led by Susa Ventures and BoxGroup.

The startup, founded by CEO Sam Obletz and CTO Tap Stephenson in November 2021, introduces a unique concept where users and their friends can collectively earn cash back, trade rewards, and even redeem them together. Unlike conventional social networks centered around manufactured content and reposts, Claim prioritizes real-world value and communal experiences.

Currently in an invite-only beta phase since its launch in January, Claim has strategically targeted university and college students in Boston.

Initially envisioning a platform where users could earn rewards linked to their credit cards and usable in the real world, Obletz and Stephenson expanded their vision. They decided to enable users to share and exchange rewards with friends, resulting in the development of a novel social mechanism that fills a gap in the current landscape.

“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,” Obletz and Stephenson said in a blog post.

Claim currently works with a diverse array of brands, spanning from industry giants like PepsiCo from the Fortune 500 list to emerging direct-to-consumer fashion labels such as For Others, and even extending to fast-casual restaurants like Life Alive. This diverse portfolio of brand partnerships reflects a common objective—establishing genuine connections with their most valuable new customers.

Co-founders say the early outcomes of these collaborations paint a promising picture. Notably, for one of their partners, they achieved an impressive 97% of new customer target in just half the anticipated time. Another success story involves the acquisition of customers with an impressive 35% repeat rate within a mere 30 days.