Houston-based technology firm Clutch is launching its open beta phase with a fresh round of financing.
Clutch, a digital marketplace for content creators and emerging brands, announced raising $1.2 million in pre-seed funding led by San Francisco-based Precursor Ventures. The pre-seed round also included investments from Austin-based Capital Factory and HearstLab, which is owned by global media company Hearst.
The tech company previously raised a $350,000 angel round from Austin-based DivInc and friends and family capital, the company said Aug. 4.
The $1.2 million in pre-seed financing is fueling the launch of Clutch's open beta for content creators and brands across the U.S. The tech company launched a closed beta in January 2022 to connect brands and student creators, who earned more than $10,000 on the Clutch platform each month. The funding will also support continued investment in customer and product strategy, Clutch said.
"We want to be a force for the next generation in the changing landscape of what it means to be successful in your career to something that is dynamic, ever-changing and on your own terms," said Madison Long, co-founder and CEO of Clutch. "We are thrilled to bring our product to creators and brands nationwide looking to enhance their lifestyle and increase their earnings, and proud to have the support of such forward-thinking, thoughtful investors."
The Clutch marketplace helps connect creators with emerging brands looking for specific content creation, social media management, video editing and graphic design needs. The platform also works to streamline payments and gives weekly payouts to creators. The company was launched in 2020 by Long and Simone May, who serves as CTO.
The two had always wanted to be their own bosses, but thanks to the pandemic, it happened a lot sooner than they expected. Long and May had brainstormed business ideas for years, but their corporate jobs prevented them from working toward anything serious. That changed when the pandemic sent many employees to work from home. With their newfound time, Long and May were able to build their ideas and participate in a virtual accelerator.
Clutch, previously known as Campus Concierge, was one of 10 early-stage companies that participated in DivInc's inaugural Houston program last year. In August 2021, the company debuted its platform on the campus of Texas Southern University, one of the nation's largest historically Black college and universities.
"Clutch delivers tremendous value for both of the audiences they serve with their marketplace,” said Charles Hudson, managing partner at Precursor Ventures. “The student creators earn money by providing valuable digital media expertise and support to businesses, and the businesses are getting the opportunity to tap into a cost-effective base of talented creators who can help them deliver timely, relevant marketing campaigns for their customers."
