Israeli Internet-of-Things startup Kwik has raised $3 million in a financing round led by Norwest Venture Partners.
The Tel Aviv-based startup company has developed smart buttons, similar to Amazon's dash buttons, which let consumers order products from their home by pressing a button.
According to Tech Crunch, Kwik has designed a similar product and is working with Domino's, Huggies, Budweiser and other brands to make ordering a pizza as easy as pressing a button - literally. Kwik also notes that orders can be easily changed by clicking "edit" in the confirmation message.
Kwik, an open end-to-end IoT platform connects retailers, brands and delivery providers, enabling brands to develop a close relationship with their consumers in their homes. The team behind it is announcing that Norwest Venture Partners is leading a $3 million seed round to help Kwik fulfill their vision.
The startup hopes that with beta-site operations in Israel, the company will use the proceeds of the financing round to expand to the US, Globes Business Arena reported.
Sergio Monsalve, partner at Norwest Venture Partners told "Techcrunch," "Consumers enjoy the convenience and simplicity of smart buttons. To him, the market is too big for only one player."
Monsalve also believes that Kwik's approach, which lets brands choose their delivery and payment partners, will encourage more companies to sign up for Kwik services. "Their open ecosystem will enable the growth of many businesses, all along the supply chain."
The buttons are freely available for consumers, but Kwik makes money by taking a cut of each transaction. Kwik acts as a liaison between the delivery and fulfillment partners.
The company was founded by CEO Ofer Klein and CTO Shlomi Atias. Klein believes that any repeated product in form of a service is ripe for button-making. Coffee, pet food, or even taxis could all be ordered with just a tap.
He argues that physical buttons are more convenient than using a smartphone app. Some people, including senior citizens who may be less internet-savvy, like the simplicity of ordering a repeat transaction in just a tap. Klein added that early adopters are his targeted demographic, however.
During the AB InBev & ZX Ventures Startup Pitch Competition at SxSW, kwik's button won the opportunity to develop a pilot program with Anheuser-Busch and the two brands are currently working together to roll out the first "beer button."
Watch a video on Norwest Venture experience and history here: