Fairphone raises 49 million euros
Fairphone has found new investors. The eco-responsible smartphone specialist announces this Tuesday, January 31, 2023 that it has raised an additional 49 million euros via an international consortium of “impact” investors, led by new shareholders Invest-NL, the ABN AMRO Sustainable Impact fund and the current Quadia shareholder, through Regenero Impact Fund.
The company says it will use this funding to “to accelerate its growth and strengthen its impact while pursuing its main mission, to make electronics more ethical”. It will also be used for the settlement of existing loans and the partial exit of current shareholders, as well as the reimbursement of 1,000 crowdfunders.
More investors for an even more ethical approach?
Fairphone will use the capital increase to “strengthen its positioning and raise awareness of fairness and sustainability in the electronics industry”. The funding will also be used to accelerate the integration of fair trade and recycled materials across Fairphone’s product portfolio, such as expanding its mining value chain programs in Africa and South America, and living wage programs in Asia. In addition, Fairphone will invest in developing its products and improving its customer service, so that users can enjoy their mobile for longer.
“Started from a social movement, Fairphone is today a recognized impact company. I would like to thank all the shareholders who have supported us over the yearscommented Eva Gouwens, CEO of Fairphone. With an expanded base of mission-aligned investors, we will build awareness for fairer electronics and accelerate the growth of our business and our impact.”
Fairphone is also renowned for the longevity of its smartphones. After more than seven years of software updates, the Dutch manufacturer’s Fairphone 2 will be retired next March. No more updates will be deployed after this date.