Home » Fairphone nabs $53M in growth capital for ‘sustainable’ consumer electronics • TechCrunch

Fairphone nabs $53M in growth capital for ‘sustainable’ consumer electronics • TechCrunch

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Dutch social enterprise Fairphonehas raised significant funding to continue building modular, more sustainable and ethical consumer electronics and expanding its smartphone business in line with the circular economy.

€49 million (approximately $53 million) of investment in “growth capital” — impact investments led by new shareholders Invest-NL, ABN AMRO Sustainable Impact Fund and existing investor Quadia via Regenero Impact Fund By an international consortium of homes — is more than that. The startup has raised funding since his founding in 2010 (Fairphone previously raised $40.7 million. crunch base — Spread across 9 funding rounds using a variety of sources, from crowdfunding to VCs and debt. )

Other existing Fairphone investors DALHAP, ​​DOEN Participates, and PDENH also participated in the new fundraise, but many others withdrew at this point, including PYMWYMIC and crowdfunding of over 1,000 people. Fairphone says it is using some of the new funds to settle existing debt.

But the investment’s main claim is growth.

European start-ups are fully embracing the opportunities arising from driving the bloc’s green transition by facilitating the transition to circular business models, with the European Union becoming carbon neutral by 2050 as a top priority. It is in a position where it can be used for

EU regulators also Prioritize the “Right to Repair” For mobile devices and other consumer elections — Farifon already meets future requirements thanks to its modular and repairable devices by design.

Fairphone said the new funding will be used to strengthen its brand positioning and to further raise awareness about equity and sustainability in the electronics industry.

Additionally, he said he wants to accelerate the integration of fair and recycled materials across its product portfolio. For example, he said he would expand mining “value chain” programs in Africa and South America, and expand fair wage programs in Asia.

We will also invest in product development and improving customer service. device life.

Fairphone recently own brand wireless earbuds — Includes recycled plastic, Fair Trade Gold in the supply chain, and longer battery life than the competition. I understand the company is also working to bring its own brand of repairable modular over-ear headphones to market.

Fairphone CEO Eva Gouwens commented on the investment in a statement, saying: I would like to express my sincere gratitude to all of our shareholders for their support over the years. By expanding our mission-aligned investor base, we will further raise awareness for fairer electronics and accelerate our growth and influence. “

We asked Fairphone for their latest sales metrics and will update this report when we hear back.

Elisabeth Storm de Grave, principal of Fairphone’s new investor Invest-NL, said in a separate supporting statement: “With an unparalleled approach to creating ethical products with both people and the planet in mind, Fairphone sets new standards across the industry. We are breaking short-term thinking and creating a sustainable and just future for all our stakeholders.”

Hanna Zwietering, of the ABN AMRO Sustainable Impact Fund, noted the “increasing trend toward conscious consumer behavior,” she praised Fairphone as “a frontrunner in the sustainable electronics industry,” the most Providing high-quality, modular and fair smartphones in a highly competitive market. “

Quadia Senior Investment Manager Josep Segarra added in the third statement of support: Fairphone fits perfectly into the vision of the sustainable electronics space, which has already supported companies in the refurbished smartphone and consumer electronics space. We aim to accelerate Fairphone’s growth while continuing to strengthen our company’s identity, create value for all our stakeholders, and adhere to its long-term mission. “

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