D.C.’s Clutch, creator of a ratings and reviews platform for IT, marketing and business services providers, has closed a $18 million Series A funding round.
After being primarily bootstrapped and bringing in customer revenue since its launch in 2013, this is the company’s first time raising venture capital, Clutch founder and CEO Mike Beares told Technical.ly.
The only investment included in the round came from growth equity firm Susquehanna Growth Equity. There were no leadership shifts with this investment, Beares said, and Clutch plans to use the fresh funding to enhance customer experience on the platform and to expand its products and services.
“Clutch customers utilize the platform to source and review business service providers and view the platform as a place for unbiased feedback on service providers,” the CEO said. “The purpose of the platform is to help customers move beyond advertorials, paid endorsements and sponsored posts to find services providers that are credible.”
Beares said the company’s platform is being used by more than 30,000 marketing, development, design and IT companies. Clutch verifies all content on its platform, and provides its users with monthly detailed ratings and reviews from customers.
Since Beares started Clutch from home with a team of three, Clutch has grown to employ 70 staff members and moved to a dedicated office on M Street NW. As the company has continued to grow since its inception, Clutch was named one of Inc.’s fastest-growing private companies in 2018 and 2019.
The company announced its first major funding raise last month, right before social distancing orders were put in place due to the COVID-19 pandemic.
“We feel fortunate to have secured funding prior to the beginning of the global pandemic, which give us flexibility in managing our business through this time,” Beares said.
Clutch is currently hiring for a number of tech roles, including SEO specialist and product manager.
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