Secured funding
Clutch, a Philadelphia-based website that allows users to store gift cards online, has received USD5.3m in a Series B funding round led bySafeguard Scientifics with participation from Ben Franklin Technology Partners. Clutch, which launched 2012, allows users to keep track of gift and loyalty cards they are yet to use. The firm says the funding will be used to develop new B2B offering.
Clutch is also acquiring gift card supplier ProfitPoint in a deal that will see 3,000 merchant clients join Clutch. Financial details of the acquisition remain undisclosed.
The company currently stands as a consumer-facing mobile app but it is now looking to tie together offine and online mobile loyalty onto one platform. This branch out suggests offering retailers their own white labeled application which would offer reloadable gift cards, mobile shopping, stored loyalty offers and mroe.
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