Berlin, Germany-based startup that provides an AI-powered second-hand shopping assistant, Faircado, raised EUR 500 K in pre-seed funding. The pre-seed round took place on November 23, 2022. Earlybird, Peak Capital, Atomico, and 4P Capital led the financing for the firm.
Purpose of financing for Faircado
With the latest capital proceeds from the pre-seed funding, the company intends to further its product development.
It also seeks to focus its efforts on marketing operations. Besides, Faircado aims to explore new partnership opportunities in Europe. Meanwhile, the company will launch its own application in 2023.
What the founder of Faircado has to say
Evolena de Wilde d’Estmael, Co-founder and CEO of Faircado, said, “The second-hand market has gained 50% of new buyers in one year in Europe. Faircado saves hours of search across multiple resale sites and eases the second-hand purchase process. In a few months, we will offer a few more shopping categories such as clothes, kid’s stuff, bikes, furniture, jewellery and other items.”
What the investor has to say
Xavier Sarras, Founding Partner at 4P Capital, further added, “The circular economy is one of the most important seismic shifts in how humans will produce, consume and share goods going forward. It is also the only way to stop us from needing triple the planet’s existing resources to sustain life. Faircado is tackling the needed behaviour change right where consumption has found its new epicentre: e-commerce. With superior technology and UX, the stellar team around founders Evolena and Ali is building something that could make e-commerce become circular. It’s a true game-changer, which is why we have invested.”
About the company
Evoléna de Wilde d’Estmael and Ali Nezamolmaleki launched the company in 2021. The Germany-based Faircado provides an AI-powered second-hand shopping assistant. Its mission is to reduce global waste. The assistant works as a browser extension to show customers second-hand alternatives to items they’re shopping for online. The browser extension centralises all the second-hand offers in its catalogue and further compares prices of pre-owned items in different categories, including electronics and books. The service activates after installing its free extension to a browser. Whenever a user searches on the marketplace for an item, Faircado displays all second-hand options and bridges the user with the resale shop.
The extension is currently compatible with software such as Google Chrome, Mozilla Firefox and Microsoft Edge.
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