On May 29, 2024, the Berlin, Germany-based AI-powered second-hand shopping assistant startupFaircadoannounced it has raised a €3 million pre-seed funding round. Investors in this round include World Fund leading the round, with participation from Accel, General Catalyst, Lightspeed Venture Partners, NEA, Northzone, and Impact Shakers.
The company plans to use the raised funds for team expansion, geographic expansion into the UK and French markets, and further development of its image recognition technology.
Founded in 2022 by Evoléna de Wilde d’Estmael and Ali Nezamolmaleki, Faircado offers an AI-powered browser extension that helps consumers automatically find second-hand alternatives while shopping online. Its database contains more than 60 million products from over 50 partners, including eBay, Back Market, Grailed, Rebuy, and Vestiaire Collective. Faircado uses advanced AI technology to collect key information such as product images, titles, and brands through its in-house image matching algorithm, providing users with customized resale recommendations. The company generates revenue through a pay-per-click and commission-based model, earning a percentage of sales from partner sites generated through its platform and charging a fixed fee for each user redirected to these platforms.
(Source:EU-Startups）