Social Loyalty Platform PunchTab Raises $850K

PunchTab, a startup that offers a social loyalty platform for consumers and publishers, has raised $850,000 in seed funding from Mohr Davidow Ventures, Embarcadero Ventures, and angels Venky Harinarayan, Anand Rajaraman, and Nick Sturiale. PunchTab is the brainchild of YouSendIt founder Ranjith Kumaran.

The startup's iPhone app, SolidPunch, serves as a rewards platform for your Facebook friends, allowing you to reward your friends for all the favors they do for you. You signal into the app via Facebook Connect and the app will automatically populate your friends. You can then punch your friends when they do you a favor. Did a friend buy you lunch? You can give them a punch. Similar to the way your Subway Club Card works, your friends earn punches. When they accumulate, 6 punches you can send them a reward or coupon from the PunchTab catalog for free (PunchTab makes money when a friend uses the coupon to buy an item).