Safeguard Scientifics, Inc.
(NYSE:SFE) is backing successful entrepreneur
in his new venture,
Clutch Holdings, Inc.
, the only mobile commerce platform that unifies gifting, loyalty programs and shopping by bringing the most relevant information to consumers and the most targeted customers to merchants. Safeguard led the Series B financing with $5.0 million, and also participated in the Series A financing in early 2013 with $500,000, which brings Safeguard’s primary ownership to 23%.
“We are excited to be supporting Ned Moore, a successful Safeguard entrepreneur, along with co-founders Andy O’Dell and Dan Guy and the rest of the team at Clutch,” said
Erik B. Rasmussen
, managing director, technology at Safeguard, who will be joining Clutch’s board of directors. “Clutch is capitalizing on the convergence of mobile commerce with offline and online commerce by providing a platform that unifies offline, online, and mobile loyalty and gifting into one platform. This allows retailers to launch loyalty programs seamlessly to their customers, whether they are shopping in the store, online or with their smartphone. This is critical because studies show that retailers with loyalty and gifting programs see 46% more purchases than retailers that don't have loyalty and gifting programs. As a result, it’s essential for retailers to launch loyalty and gifting programs across all of the customer touch points, especially mobile.”
Previously, Ned Moore was co-founder, chairman and CEO of Portico Systems, which provided enterprise software solutions into the healthcare payer market. Portico was a Safeguard partner company from 2006 to 2011, when it was
acquired by McKesson
for $90 million, in cash, generating a 4x cash-on-cash return for Safeguard.
“I have always been interested in mobile technology,” said Moore, co-founder, chairman and CEO of Clutch. “After Portico was acquired by McKesson in July 2011, the opportunity to start Clutch presented itself. With support from our angel investors, we launched our mobile app in December 2012 and have subsequently acquired two companies to expand our product offering through the Series A and Series B financings. We are excited to have the team at Safeguard on board. They are a proven team with deep operational expertise that I know will drive value for Clutch’s bottom line.”