Fair trade: Fairphone raises 7 million euros to manufacture ethical smartphones

by bold-lichterman

The amount

Dutch society Fairphone, which markets smartphones manufactured in a “fair” way, has completed a funding round of 7 million euros. As part of this transaction, the company was supported by its historical investors, in particular DOEN Participaties and PYMWYMIC, and new stakeholders with a social impact, such as PDENH and Quadia.Apple-converted-space “>

1605249674 186 Fair trade Fairphone raises 7 million euros to manufacture ethical
Credits: Fairphone.

The market

Founded in 2013 by Bas van Abel, Fairphone is a company that seeks to design and produce smartphones that are more environmentally friendly and meet fair trade criteria. Behind this approach, the Dutch company wants to fight against planned obsolescence and overconsumption to offer itself as an “ecological and responsible” alternative to the global giants that are Samsung, Apple and Huawei.Apple-converted-space “>

When it leaves the factory, the Dutch company’s smartphone is simple and robust, made up of components and a plastic shell from recycling. While its design is centuries away from that of the last iPhone, it remains reliable and the parts that make it up make it easy to repair yourself, making it a more durable phone than average. To date, the company has released two models, the Fairphone 1 and the Fairphone 2, which have sold 143,000 copies.Apple-converted-space “>

This round of funding should allow Fairphone to continue R&D for its devices and services, and to open up to new markets in Europe. As part of its development strategy, the Dutch company will use part of this financing to support the marketing and sales poles in Scandinavia and in southern Europe, and to test new business models, such as leasing programs.