Faircado raised €3M to drive the circular economy with an AI-powered browser extension

Faircado, a Berlin-based startup founded in 2022 by Evoléna de Wilde d’Estmael and Ali Nezamolmaleki, has raised €3 million in pre-seed funding for its AI-powered browser extension for finding secondhand product alternatives. The round combines funds contributed by World Fund, Slush VC, Impact Shakers, BackBone Ventures, Earlybird, Minc, Peak Capital, and Atomico's Angels.

Faircado is powered by its in-house image-matching algorithms which compile key product information, including images, titles, and brands, which are transformed into customized resale recommendations. Faircado can tap into a 60+ million product database containing offers from 50 partners, including eBay, Back Market, Grailed, Rebuy, and Vestiaire Collective. It also supports searches from over 1,600 retail websites, including Amazon, Patagonia, and Apple, from which it can offer consumers like-for-like items in categories such as fashion, electronics, and books. Faircado plans to broaden its offers to include furniture and children's items soon.

The raised capital will enable Faircado's European expansion into the UK and France's markets, fuel team growth, and boost the AI technology powering the browser extension. With a revenue model earning commissions from sales driven for and users redirected to partner resale platforms, Faircado is well-positioned to drive the circular economy mainstream. World Fund GP Tim Schumacher lauded Faircado's mission, "Our society buys too much stuff, while our basements, bookshelves and closets are full of exactly the stuff other people want. are full of exactly what others want ... 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 percent cheaper.'"