Berlin's Faircado just generated a €500,000 cash intake to build out its AI-driven browser extension for finding second-hand bargains.
Faircado's software aims to compare like-for-like items in a given category, for example resellers of electronic appliances, books and fashion.
The startup cites industry data which suggests customers increasingly look for second hand electrical goods as a way of tackling inflation and the cost-of-living crisis.
The data, published last month by safe electrical work advocacy Electrical Safety First, suggests almost two-thirds of 25-34 year olds say now they're more likely to buy pre-owned electricals.
Faircado's pre-seed round is being led by Backbone Ventures, and is backed by Earlybird, Peak Capital, Atomico, 4P Capital and "others." The capital raised will be used to drive forward its product as well as marketing efforts, with a view of striking up new partnerships around Europe.
Xavier Sarras, founding partner at 4P Capital, says Faircado's product can play a part in the circular economy and the "seismic shifts" in goods consumption habits that will be needed.
Faircado also has a deal with Everwave, a startup tackling plastic pollution in the ocean. For every download of its browser extension, Faircado has arranged for Everwave to remove a kilogram of ocean-lurking waste.
Sarras said: "Faircado is tackling the needed behaviour change right where consumption has found its new epicenter: e-commerce."
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