Fair-trade smartphone maker Fairphone has raised €6.5 million led by impact investors Pymwymic and The DOEN Foundation.
The Amsterdam-based company, which previously raised €9 million through crowdfunding, makes modular smartphones with mostly ethically sourced materials built in fair working conditions. It wants to create a more sustainable value chain for the manufacture of smartphones that last longer.
The new funds will be used to grow its distribution network of operators and resellers and how it sources fair and ethical materials for its phones.
“It means we will be in a better position to put our principles into practice, including improving the availability and lifespan of spare parts, sourcing fairer materials and improving working conditions,” said the company in a statement.
Pymwymic, which stands for Put Your Money Where Your Meaning Is Community, invests in companies working on fair and positive impact projects. The DOEN Foundation initially backed the company when it was founded in 2013.
As well as the investment, Eva Gouwens, former sales manager of Dutch confectionery company Tony’s Chocolonely, has been appointed managing director. She will work alongside CEO Bas van Abel.
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