Plaiced, a growing online social network, has acquired Clutch, a Black women-founded marketplace for digital marketing services.
The acquisition marks a shift in the digital marketing industry, promising enhanced opportunities for content creators and brands alike.
Clutch: Connecting businesses with creators
Co-founded by Madison Long and Simone May in 2020, Clutch has connected numerous creators with businesses seeking marketing and content creation services.
The company had secured $1.2 million in pre-seed funding led by Precursor Ventures and had worked with over 70 brands, including Hearst Media.
“The creator economy is growing rapidly. We knew to remain competitive and really be able to take over market share, an acquisition would be the strongest next step,” Long told TechCrunch.
Despite its success, Clutch faced challenges, including a restructuring last June that led to layoffs. These changes helped the company prioritize profitability, which it achieved this year.
With the industry rapidly evolving, particularly with the rise of Generative AI (GenAI), Long believed that partnering with Plaiced would propel Clutch further.
Plaiced Acquires Clutch
The acquisition talks began in early May when Long met Plaiced CEO Kaaveh Shoamanesh at a networking event.
Long was drawn to Plaiced because of its aligned values, particularly regarding fair compensation for creators.
“There are very few platforms in our industry that prioritize paying creators what they deserve and not compromising on this,” she said.
The transition will see Long staying on as an advisor for at least 18 months, ensuring a smooth integration of Clutch into Plaiced.
The acquisition aims to maintain the existing collaborations and enhance the overall experience for creators and brands on both platforms.
As for Long, her immediate focus post-acquisition is personal. “My next goal is to spend more time with my family and take time to take care of myself, rest, and reflect,” she shared.
Feature Image Credit: Clutch
