Press release of Fairown, main incubator & primeCROWD
Frankfurt am Main/ Tallinn / Vienna, 13.01.2021: main incubator and primeCROWD have participated in a seed round of the Estonian FinTech startup Fairown Finance and invested all together a seven-digit amount.
“Fairown provides a subscription financing platform and payment services. Helping companies move from linear to a circular economy has been my passion and mission for 17 years. This investment paves the way for the sustainable future as we expand through Europe and beyond,” says Hendrik Roosna, CEO of Fairown.
Fairown, founded in 2018, has developed a plug&play solution to allow their customers to offer physical products on a subscription basis.
The subscription market grew rapidly over the last years. New generation consumers start to value services and fast access to products more than ownership, which led to the transformation of whole industries like music and film. Regulatory initiatives like the EU’s Green Deal bring this trend to physical goods, as companies will need to shift from a linear to a circular business model.
For companies like Apple, HP, STIHL or IKEA circular economy is the epicenter of innovation. The first step towards a circular business model is to gain more control over product lifecycles and secondary market items. Offering products via subscription is, therefore, a prerequisite for circularity.
Setting up in-house subscription models takes original equipment manufacturers (OEMs) on average 1,5 years for each market. Fairown offers a 10x faster solution to this complex and time-consuming challenge, allowing these companies to establish subscription plans for their physical products within 5 weeks, depending on the respective country.
Fairown is currently active in the Nordics and Baltics offering its services to various industries like electronics, gardening, or luxury goods. With this capital injection, the investors will support the startup in its further product development and international expansion into large European markets, such as France, UK, and Germany. With STIHL, Fairown was already able to acquire a large German OEM.
“With Fairown, Hendrik and his team built a company that really has the potential to massively decrease waste, enhance product utilization and increase customer satisfaction all this while having a solid and scalable business model. Fairown creates a win-win-win situation for customers, OEM’s and the planet,” states Moritz Schwarz, Investment Manager at main incubator.
“We strive to provide professional access to startup investments across borders by connecting European startups with European investors, Fairown being the prime example of this. The team around its Founder Hendrik has managed to combine technology and sustainability, and thus building a scalable business model being already internationally active in 5 countries, within just 2 years. With the capital injection of our experienced and well-connected investors, I do see a lot of potential for Fairown to spur its international growth even further,” says Florian Übelacker, CCO at primeCROWD.
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