Mobile shopping app Clutch raises $5.3M led by Safeguard Scientifics - Technical.ly Philly

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Aug. 6, 2013 11:30 am

Mobile shopping app Clutch raises $5.3M led by Safeguard Scientifics

Clutch also made two recent acquisitions as part of its B2B strategy: Delaware County-based ProfitPoint, which provides loyalty platforms for retailers, and Sqoot, a New York City-based DreamIt Ventures company that aggregates local deals.

Clutch, an Ambler-based mobile shopping app from Portico Systems cofounder Ned Moore, closed a $5.3 million Series B round led by Safeguard Scientifics, according to a release. Previous investor Benjamin Franklin Technology Partners also participated in the round. The funding will be used to develop Clutch’s B2B product, which will allow retailers to create their own shopping apps on Clutch’s platform.

Clutch also made two recent acquisitions as part of its B2B strategy: Delaware County-based ProfitPoint, which provides loyalty platforms for retailers, and Sqoot, a New York City-based DreamIt Ventures company that aggregates local deals.

The company acquired ProfitPoint’s 18 employees but will keep its Clifton Heights office open, according to a spokeswoman. Clutch also acquired its more than 3,000 merchant clients, according to the release.

Clutch acquired ProfitPoint for an undisclosed amount, but a spokeswoman confirmed that Clutch gave about $5.2 million worth of stock to ProfitPoint’s investors in exchange for the deal. ProfitPoint had taken at least $1.25 in venture funding from NewSpring Capital in November 2010 and also received a $2.5 million line of credit from Square1 Bank in September 2011.

As for Sqoot, Clutch only acquired its technology, a spokeswoman said. Sqoot was perhaps most infamous for the sexist remarks it made on a hackathon flier in March 2012. The acquisition took place in May 2013, according to the LinkedIn of one of Sqoot’s cofounders.

Clutch’s consumer-facing app aims to be the only shopping app you need, with features like local deals, friends’ wishlists, gift cards and more. The app has more than 20,000 users, according to TechCrunch.

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Clutch currently has 35 employees.

Moore, who leads the company, sold healthcare IT company Portico Systems to McKesson for $90 million in June 2011. Safeguard Scientifics was also an investor in Portico Systems. Moore also sits on Safeguard’s Technology Advisory Board.

Read more on TechCrunch.

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