21 Buttons is a social network based in Barcelona, founded in 2015 by Marc Soler and Jaime Farrés, two former executives of the consulting firm McKinsey & Co. This platform allows users to monetise the photographs they upload to the network with their outfits, offering the possibility of purchasing the garments and receiving a reward for each purchase.
The main target segment of this app is fashion instagrammers, who urgently needed a tool that would allow them to monetise their activity. Thanks to 21 Buttons, social media professionals can earn money by selling clothes.
In April, 21 Buttons created a new board of directors comprising Marc Soler Obradors, co-founder of the company, as chairman and CEO; Jaime Farrés, its partner and secretary; José del Barrio, co-founder of La Nevera Roja; and Nader Sabbaghian of 360 Capital Partners.
21 Buttons operates in Spain, Italy and the UK, where it landed in June this year. Its social network already has one million monthly active users.
21 Buttons raises capital once again. The Catalan social network has closed its third €10M funding round, led by VC/PE firms Kibo Ventures and JME. Venture Capitaland current investors Samaipata Ventures, Breega Capital, 360 Capital Partners, Banc Sabadell Venture Capital, Sputnik and Mediaset.
The aim of this new round, the third in just two years, is to boost its fashion app, continue to grow in Spain, Italy and the UK, and accelerate its expansion into other markets. The social network already received half a million euros in 2016 and closed in February 2017. its second major financing round of $3M in which, among others, Samaipata Ventures and Mediaset participated.
The source of its income comes from the monetisation of its app: for each purchase that a 21 Buttons user makes through a photo, the social network charges the brand a commission of between 9% and 12% of the price of the garment. Of this percentage, the influencer receives a portion for having contributed to the sale.
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