Peoople acquires 21Buttons, merges operations.

Peoople, a Madrid, Spain-based social network startup, announced the completion of a merger deal with a Barcelona-based competitor, 21Buttons.

Financial details were not disclosed.

21Buttons was founded in 2015 by two former McKinsey consultants - Marc Soler and Jaime Farres - and developed a social commerce mobile app where users can both share outfits and earn money as they discover, buy, save and combine all the most closely related looks to their style.

The company has previously raised some $30 million from a range of investors including France-based VCs Breega and Idinvest, as well as Spanish ones from Kibo Ventures, JME, Samaipata and Sabadell VC.

Peoople, founded in 2016 by CEO David Pena and Gonzalo Recio, built a mobile app that acts as a social network of lifestyle recommendations. The company has previously raised funding from local investors including the media group Planeta and startup incubator The Venture City.

According to the local media, the combined business will operate about 28 million users and a network of 10k influencers from Europe and Latin America, expected to produce revenues of €3 to 5 million in 2021 and become profitable by the end of 2022.