Spain-based social commerce platform 21Buttons has closed a $10m series A backed by media company Mediaset, TechCrunch has reported.
The round was co-led by venture capital firms Kibo Ventures and JME Venture Capital with participation from and Banc Sabadell Venture Capital, the VC unit of banking group Banco Sabadell, as well as Samaipata Ventures, Breega Capital, 360 Capital Partners and Sputnik.
Founded in 2015, 21Buttons has created a fashion-focused social-commerce app that allows social media influencers to generate revenue by sharing their tastes.
Users can use the platform to share pictures and links to clothing pieces with their followers. If 21Buttons has a partnership in place with the source platform, clicks on a post that lead to a sale can generate revenue for the poster.
The funding will be used to grow 21Buttons’ user base in Spain, Italy and the UK, and to support international expansion.
The startup raised €500,000 ($550,000 at contemporary exchange rates) of seed funding from various angel investors in January 2016, before adding $3.2m in February 2017 from Mediaset, 360 Capital Partners, Sabadell Venture Capital, Sputnik, VenturCap and Breega Capital.