Button, a mobile commerce platform that enables companies to drive revenue through mobile app and web commerce, recently announced a $30 million Series C funding round, bringing total funding to $64 million. To date, Button has driven more than $1 billion in mobile spending — on track to double that growth this year — and it’s poking holes in the publishing platforms of technology companies such as Facebook and Google that claim a self-serving mission as opposed to being brand-centric.
Investors in the recent funding round include Icon Ventures, Capital One Ventures, Redpoint Ventures and others. Funding will be used to accelerate international expansion for the New York-based computer software company, namely in Europe and Southeast Asia, with a focus on expanding product development for its partners.
Citing a fintech boom and high penetration for mobile commerce, Mike Jaconi, cofounder and chief executive officer of Button, said, “We’re looking to deepen our relationships with more industry leaders and mobile innovators there.”
Working with a client list that spans publishers, platforms, influencer networks and the likes of brands which include Groupon, Uber, Walmart and more — Button is betting on mobile growth. Button also powers an integration between LikeToKnowIt and Asos — marking a firmer purchase pathway to influencer closets.
Acquiring new customers at the point of purchase is a key tension point for brands, while publishers are looking to drive more mobile revenue. Button aims to own the “discovery-to-purchase experience” on behalf of both brands and publishers, serving their customers a seamless, personalized mobile experience.
“You’re seeing challenges to brands’ ROI and return on ad spend in these two channels, as they continue to evolve and become more expensive,” said Jaconi, who believes Button creates a “higher-converting third performance channel for mobile growth.”
In as few as five taps, Asos customers can browse influencer styles through the LikeToKnowIt app and buy from the Asos app — enabled by Button’s technology. Brands partnering with Button for their mobile commerce programs are able to increase purchases by an average of 33 percent, according to Jaconi, compared to traditional links.
As Jaconi mentioned, they can also access leading publishers on Button’s platforms, while unlocking new mobile growth and app acquisition. Jaconi cites a shift from an “ad-based model” to an “action-based model” — accelerating to the tune of $3.5 trillion hours spent in apps according to a January report from App Annie, an app analytics and app market data firm.
While mobile usurps more mindshare for consumers, especially Gen Zers, brands and publishers will continue to find ways to monetize digital ad spend, perhaps incorporating actionable “buttons” for the customer.