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.
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.
Before you go...
Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.
3 ways to support our work:- Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
- Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
- Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!
The person charged in the UnitedHealthcare CEO shooting had a ton of tech connections
From rejection to innovation: How I built a tool to beat AI hiring algorithms at their own game
Where are the country’s most vibrant tech and startup communities?
