Faircado, a Berlin, Germany-based startup providing the first AI-powered second-hand shopping assistance, raised €500,000 in pre-seed funding.
The round was led by BackBone Ventures, with participation from Earlybird, Peak Capital, Atomico, 4P Capital, and others.
The funds will be used for further product development and marketing as well as exploring new partnership opportunities in Europe.
“The second-hand market has gained 50% of new buyers in one year in Europe. Our mission is to reduce global waste by shifting the linear economy to a circular economy by making second-hand the first and easiest choice for consumers. 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, jewelry and other items,” noted Evolena de Wilde d’Estmael, Co-founder and CEO of Faircado.
Faircado is tackling the needed behavior change right where consumption has found its new epicenter – e-commerce. Faircado wants to make second-hand goods the first choice of consumers and turn e-commerce into re-commerce.
Company: Faircado UG
Round: pre-Seed Round
Funding Month: November 2022
Lead Investors: BackBone Ventures
Additional Investors: Earlybird, Peak Capital, Atomico, and 4P Capital
Company Website: https://faircado.com/
Software Category: AI-powered Second-Hand Shopping Assistance
About the Company: Founded in 2021 by Evoléna de Wilde d’Estmael and Ali Nezamolmaleki, Faircado is a second-hand alternative to Amazon that works as a browser extension to show customers the second-hand alternatives to items that they are shopping for online. The browser extension centralizes all the second-hand offers in its catalog and compares prices of pre-owned items in different categories, including electronics and books. Whenever a user searches on the marketplace for an item, Faircado displays all second-hand options and connects the user with the resale shop. The team comprises six full-time employees from six nationalities and aims to achieve perfect gender equity at all seniority levels. Currently, the extension is compatible with Google Chrome, Mozilla Firefox, and Microsoft Edge, and the brand will launch a mobile app in 2023.