Faircado, a Berlin, Germany-based startup that provides an AI-powered second-hand shopping assistant, raised €500K in pre-seed funding.
The backers included Earlybird, Peak Capital, Atomico, and 4P Capital.
The company intends to use the funds to further product development and marketing as well as exploring new partnership opportunities in Europe.
Founded in 2021 by Evoléna de Wilde d’Estmael and Ali Nezamolmaleki, Faircado provides an AI-powered second-hand shopping assistant. In a mission to reduce global waste, the assistant works as a browser extension to show customers the second-hand alternatives to items they’re 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. 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 Google Chrome, Mozilla Firefox and Microsoft Edge, and the brand will launch a mobile app in 2023.
Faircado boasts 4 million products from 35 partners including eBay, Rebuy, BackMarket, and Sellpy, targeting a $4.5 trillion market of circular economy.
FinSMEs
16/11/2022