Estonian-based fintech company Fairown has secured a €4.2 million seed round; the company plans to invest it in advancing product subscriptions and to reduce waste.
Founded in 2018, Fairown has developed a cloud-native financing platform that enables environmentally conscious brands to offer their products as services for monthly subscriptions. The company also helps with a renewal cycle by collecting and utilising old products.
“Circular economy is the key to sustainable and conscious consumption. This way, we can close the loop and make sure much less old products and electronics end up in a landfill,” the company said in a statement.
Among the company’s clients are Apple, Komplett and Stihl.
The new investment round is led by main incubator, the early-stage investor of Commerzbank Group. Other participants include primeCROWD and Stihl Capital.
As a result of this round, the company will focus on putting its foot down in Germany and Poland, improving the product offering, as well as launching new partnerships with international brands. Currently, Fairown operates in eight markets across the Nordics and Baltics, the company noted.
Cover: Fairown’s cofounders, Hendrik Roosna (left) and Taivo Türnpu. Photo by Fairown.