Faircado funding news – Berlin-based Faircado Secures €3 Million in Pre-Seed Funding

Notable contributions to the round also come from Impact Shakers, Accel, General Catalyst, Lightspeed Venture Partners, NEA, and Northzone through the Slush 100 Startup Prize.

The financing includes €1 million from World Fund, €1 million from Slush VCs, and €150,000 from Impact Shakers, continuing a recent wave of funding for Faircado. The initial €750k investment from BackBone Ventures, Earlybird and Minc accelerators, as well as angel investors from Atomico and Peak Capital, is included in the overall €3 million number. This investment was made in November 2022.

The new funding will support the team's geographical expansion into the UK and French markets, as well as the advancement of its image recognition technology.

Read also - Claimlane funding news – Copenhagen-based Claimlane Secures €1.8 Million in Seed Funding

To deliver consumers personalised resale recommendations, Faircado's in-house image-matching algorithms leverage cutting-edge AI to compile important data such as product photos, titles, and brands. By using both a revenue-per-click and a commission-based business model, Faircado charges a fixed price for each user that is referred to partner sites and gets a percentage commission on sales made through their platform.

By encouraging the purchase of "pre-owned" goods, it seeks to increase this recycling rate and solve the need for practical and environmentally beneficial purchasing options, putting re-commerce at the forefront of e-commerce's sustainable future.

At the moment, Faircado's extension offers customers like-for-like products in books, electronics, and fashion across over 1,600 websites, from Patagonia and Apple to Amazon and Zalando. Faircado intends to expand its service to include furniture and children's items after closely examining market demand trends. This move will further disrupt traditional shopping across new sectors.

Co-Founder and CEO Evoléna de Wilde d‘Estmael said, "World Fund is an ideal partner for Faircado. Their expertise, expansive network and commitment to climate tech that bolsters a regenerative world will be instrumental as we scale our product. Tim’s experience in founding and then scaling successful brands like Ecosia and Eyeo (the firm behind AdBlock), to millions of users and millions in revenue, providing invaluable insight into the intersection of mass-market consumer tech and circular economy principles. With this latest funding, we aim to make sustainable choices more accessible and mainstream for millions of consumers."

Tim Schumacher, General Partner at World Fund, added: ‘We see immense potential in Faircado’s mission to accelerate the transition to a circular economy. Simply put; our society buys too much stuff, while our basements, bookshelves and closets are full of exactly the stuff other people want. At the same time, we tend to forget about this fact, which is why I love when Faircado automatically tells me while shopping on Amazon for example that “wait a minute, here’s the same stuff used, in great condition, yet 80% cheaper’.”

About Faircado

Faircado reinvents second-hand shopping with AI precision. Navigate the second-hand universe with tailored suggestions in a browser plugin. Marrying cost-effectiveness with planet-love, one find at a time.

Faircado is your sustainable shopping assistant that aggregates and compares all second-hand offers to make you save time, money and CO2.