Clutch Closes $5.3M Series B Financing; Acquires ProfitPoint
Clutch, a Philadelphia, PA-based mobile commerce company, closed a $5.3m Series B financing.
The round was led by Safeguard Scientifics, Inc. (NYSE:SFE), with participation from existing investors including Ben Franklin Technology Partners.
The company intends to use the funds for further development of the its mobile commerce platform, including its B2B offering, which will be launched later this year.
Led by Ned Moore, co-founder, chairman and CEO, Clutch provides a mobile platform that combines shopping, loyalty programs and gifting, delivering offers to consumers and targeted customers to merchants. It leverages a proprietary recommendation engine to enable consumers to get deals and give gifts via a mobile app.
In addition to the funding, Clutch has acquired ProfitPoint, a supplier of loyalty and gift which will bring more than 3,000 merchant clients to the Clutch ecosystem, as well as a merchant card processing platform.
The company had previously acquired Sqoot, which aggregates local deals from more than 50 providers, including Groupon, Living Social and Yelp.