Claim transforms consumer rewards into a multiplayer game, akin to the concept of trading cards but for brands
Claim, a groundbreaking platform combining a rewards app with a social network, has successfully raised $4 million in a seed funding round, spearheaded by Sequoia Capital. The startup, founded by CEO Sam Obletz and CTO Tap Stephenson in November 2021, is dedicated to infusing enjoyment, rewards, and social interaction into the shopping experience. Since its exclusive beta launch in January, the app has been making waves among university and college students in Boston.
In a departure from traditional social networks, Claim emphasizes genuine connections and real-world value over manufactured content and reposts. Users and their friends can earn cash back, exchange rewards, and redeem them collectively, fostering a sense of community.
Obletz and Stephenson, former roommates at Yale who reunited in business school at Harvard, conceived Claim as a response to the evolving concept of ownership in the digital realm. Their journey started with a vision of a platform where users earn real-world usable rewards linked to their credit cards, which evolved into a social mechanism absent in today’s landscape.
Claim transforms consumer rewards into a multiplayer game, akin to the concept of trading cards but for brands. The startup introduces a fresh experience, allowing users to explore new places together, exchange rewards, and earn status from spending at various brands.
Claim’s weekly “drop” adds an element of surprise, with users unwrapping a new reward simultaneously. The flexibility to redeem, gift, or trade rewards with friends adds an engaging dimension to the platform.
Beyond benefiting consumers, Claim aims to revolutionize how marketers and brands connect with new customers. Instead of bombarding users with ads, Claim enables consumers to discover brands through rewards from friends. Obletz emphasizes the platform’s effectiveness for marketers, streamlining the process of finding new customers based on their shopping habits and those of their friends.
Having garnered promising early results, with partners achieving new customer goals and high repeat rates, Claim is currently working with a diverse range of merchants, from Fortune 500 companies like PepsiCo to local restaurants like Life Alive in Boston.
Focused on Gen Z, Claim recognizes this demographic’s preference for authenticity and aversion to pervasive advertising on social media. With over 10,000 users in Boston, the startup plans to continue testing and refining its model before expanding nationally.
The recent $4 million seed funding, led by Sequoia Capital, follows a successful but unannounced $2 million pre-seed round with support from Susa Ventures and Box Group. Claim plans to utilize the funding to expand its team, invest in talent, and prioritize testing and learning from an engineering perspective before venturing into new markets.
