Australian e-commerce startup BuyReply has raised $1 million in seed funding in a round led by private equity guru Adrian MacKenzie with participation from job site SEEK founder Paul Bassat (Square Peg Ventures) and Valar Ventures, the private investment firm backed by PayPal co-founder and early Facebook backer Peter Thiel.
BuyReply basically lets consumers ‘one-click-buy’ an item from (usually) offline channels such as TV, radio and printed media, utilizing existing technologies such as text, email or Twitter.
Users can simply send a short code they see on TV, in a magazine ad or on a billboard and instantly receive a text message with a link in reply that allows them to buy an item in real-time.
BuyReply founder and CEO Brad Lindenberg informed Financial Review that BuyReply was inspired by the ‘one-click checkout’ available on Amazon and iTunes. The 29-year old entrepreneur says he will use the fresh cash to build its Australian team and establish a US presence.
Bonnie Boezeman AO, formerly chairwoman of PayPal Australia, has joined the startup as a director. She comments:
“In the modern world of fast-paced Internet purchasing, BuyReply is one of the most exciting innovations for the avid mobile consumer. You see, you immediately buy, and avoid the hassle of App downloads, QR codes and Internet searches.”
We see.
Image credit: Thinkstock
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