Haz funding news – Social Commerce App Haz Secures €1.2 Million in Pre-Seed Funding

The funding will be utilised to further the development of Haz's proprietary AI technology and to introduce the platform in the United Kingdom, with the intention of subsequently expanding throughout Europe.

Haz co-founder Ronan Harvey-Kelly said, “82% of Gen Z now think about the resale value of an item before they even buy it, yet 47% of items fit for resale remain unsold, It takes a lot of time to resell something and consumers still lack the data they need to make informed resale decisions. That’s where Haz comes in.”

By 2028, the global second-hand apparel market is expected to reach $350 billion, a threefold increase from the overall global apparel market. Additionally, the global refurbished electronics market is anticipated to reach a value of $272.91 billion by 2031, representing a year-over-year increase of more than 12%.

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Haz aims to leverage its AI technology to scan digital receipts in users' email inboxes in order to capitalise on the rapidly increasing demand for resale. This eliminates the manual component of listing an item for sale, resulting in a smooth resale experience.

Co-founder Glenn Keller said, “By utilising AI to automatically digitise the things users own from the point of purchase, we’re making it possible for people to receive offers on items they haven’t actively listed for sale,”.

Investor Katharine Spooner at Speedinvest said, “It is clear that the future of commerce is resale. While we have seen huge advancements in how people shop new, the second-hand industry has lacked AI innovation over the last five years, Your friends follow your location, like your photos, and see what you’re listening to in real time. Now Haz lets them track and engage with what you own – and this new type of connection is what excites us most about Haz.”

Investor Dima Shvets co-founder of Reface and A16Z scout programme partner said, “Haz presents a promising approach using proprietary AI to balance the world’s overproduction of apparel and electronics,” “Haz stands out for many reasons, most notably their progress in automating the process of turning unwanted belongings into money. I truly believe in their mission, technology, and approach.”

The new funding will be utilised by Haz to enhance and train its proprietary AI models, which include its remote authentication technology, as well as to expand its team of engineers and creators. The company's objective is to expand swiftly throughout the United Kingdom.

About Haz

Your peers are aware of your location, enjoy your photographs, and observe your music preferences. Haz now permits them to investigate your possessions. As an AI company, they are dedicated to the development of a world in which the process of selling one's possessions is as effortless as purchasing a new one. Introducing a novel form of social interaction that is both environmentally friendly and financially beneficial.