Barcelona-based 21Buttons, a fashion-centred social shopping app, has raised $17 million in a Series B funding round led by Idinvest Partners. The company's existing investors, including Kibo Ventures, Breega, Samaipata, JME VC, 360 Capital Partners, and Sabadell VC, also participated in the round.
21Buttons app looks similar to picture-focused platforms like Instagram or Pinterest, except the clothes depicted in users' photos can be purchased right away. The “Buttoners” post pictures of their outfits and tag their clothes, which are then linked to the respective brands' websites. 21Buttons generates revenue from affiliate programs and shares it with the users who delivered the leads.
Founded in 2015 by two former McKinsey consultants, the startup is currently close to reaching 2 million monthly active users of its app. It operates in Spain, Italy, Germany, and the UK. The current round, which brings the total amount raised by the company to $31 million, will fuel its expansion to the US. The startup plans to launch there “in the coming months” and also expand to new European markets by the end of 2018.