Faircado Raises €3 Million for AI-Powered reCommerce Platform

Faircado, an AI-powered reCommerce platform, has secured €3 million in funding to further develop its innovative technology. The company aims to revolutionize the way consumers shop by promoting the purchase of secondhand goods over new items, benefiting both their wallets and the planet.

The funding round was led by World Fund, a significant player in the investment space. Faircado’s browser extension, powered by AI, helps users find preowned products across a wide range of categories, including electronics, books, clothes, and more. The extension scans millions of products from various partners to match users’ preferences with available secondhand options.

The company’s AI bot, Gregor, acts as a personal shopping assistant, guiding users to relevant preowned items that align with their search criteria. Faircado’s service is free for users, with sellers paying a commission on each sale. Partners include well-known platforms like eBay, Back Market, Grailed, and Vestiaire Collective.

This funding announcement comes at a time when digital resale platforms are gaining traction, driven by consumers seeking budget-friendly options. Additionally, high-income shoppers are increasingly turning to secondhand retail channels, indicating a shift in consumer behavior towards sustainable and cost-effective shopping practices.

With the support of World Fund and its experienced board member Tim Schumacher, Faircado is poised to expand its reach and impact in the reCommerce space. The company’s innovative approach to promoting secondhand shopping aligns with the growing trend of conscious consumerism and the rising demand for sustainable shopping options.