Clutch, a platform connecting businesses with digital marketing and content creators, has been acquired by the online social network Plaiced. The acquisition was confirmed by Clutch’s co-founder, Madison Long, in a recent interview with TechCrunch. While the exact terms of the deal remain undisclosed, it was finalized earlier this week.
“The creator economy is growing rapidly. To remain competitive and capture more market share, we knew an acquisition was the best next step,” Long explained.
Clutch’s Growth and Challenges
Founded in 2020 by Madison Long and Simone May, Clutch aimed to connect businesses with marketing and content creation professionals. By August 2022, the platform boasted over 200 creators and had a waiting list of 3,000 people. The company secured $1.2 million in a pre-seed round led by Precursor Ventures. Since then, the platform’s user base has grown to over 600 creators, and Clutch has worked with more than 70 brands, including Hearst Media.
Despite its growth, Clutch faced challenges along the way. In June, the company underwent restructuring and laid off staff to focus on profitability, a goal they achieved this year. During this period, co-founder Simone May stepped down as CTO to prioritize her family, leaving Long as the sole CEO. The evolving content creation industry, especially with the rise of GenAI, influenced Long’s decision to sell. “The deciding factor was finding the right partner who could help us grow,” she said.
Long met Plaiced CEO Kaaveh Shoamanesh at a networking event in early May, sparking the acquisition talks. The two companies share a commitment to fairly compensating creators. Shoamanesh expressed enthusiasm about the acquisition, highlighting the potential to expand Plaiced’s network and provide more monetization opportunities for creators.
As part of the transition, some Clutch team members have moved on to other opportunities, while others remain. Madison Long will stay on as an advisor for at least 18 months. She emphasized that the acquisition would not disrupt ongoing collaborations with creators.
Looking ahead, Long plans to focus on her family and personal well-being, taking time to rest and reflect on the journey so far.
