Fairown

Frankfurt am Main, 13.01.2021: main incubator and primeCROWD invest in Estonian Circular Economy FinTech Fairown Finance


Summary

  • Fairown enables the best brands and innovative retailers to launch hardware subscription saving 10x on time
  • main incubator, the early-stage investor of Commerzbank Group, and Vienna-based startup-investor network primeCROWD invest a seven-digit amount in the Tallinn-based company


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. 


Fairown enables innovative companies to launch and provide their products subscription-based. Such business models have financial benefits for everyone - manufacturers, retailers and end-users willing to empower circular economy. Headquarterd in Estonia, Fairown team bootstrapped to 1,2M EUR revenue, became profitable and has already expanded to 6 countries.

For more information, visit: www.fairown.com


Press contact

Fairown Finance OÜ

Hendrik Roosna 

CEO

hendrik.roosna@fairown.com


main incubator is the research &development unit and the early-stage investor of Commerzbank Group. It examines future technologies of relevance to business and society, as well as promotes and develops sustainable solutions. Based on the technologies of additive manufacturing, artificial intelligence, cross reality, internet of things, networks, robotics and quantum computing, main incubator develops prototypes, often in cooperation with partners from industry and research. By doing this, main incubator is actively involved in the creation of sustainable products, solutions and infrastructures. Through strategic investments in tech-driven start-ups, main incubator already supports innovations at an early stage and makes them available for Commerzbank and its customers. Furthermore, main incubator promotes the tech ecosystem by participating in opinion-forming processes and committee work, or through its own events, such as the monthly tech start-up event series "Between the Towers". Main Incubator GmbH, or main incubator for short, is a wholly-owned subsidiary of Commerzbank AG headquartered in Frankfurt am Main.


Press contact

Main Incubator GmbH

Moritz Schwarz

Investment Manager

moritz.schwarz@main-incubator.com


Main Incubator GmbH

Kathrin Mateoschus

Marketing Manager

presse@main-incubator.com


primeCROWD is one of the largest startup investor networks in the DACH region and includes more than 2,200 investors as well as numerous incubators, accelerators and VCs. primeCROWD executes equity investments and supports ambitious founders, through access to its platform, with the aim of catalyzing further growth.  primeCROWD acts as an interface between investors and startups with a focus on early-stage and growth financing in the healthcare, digital economy and sustainability sectors. Its declared goal is to finance& accompany European startups throughout the entire investment process. Since its foundation in 2015, investments in 26 startups and in the amount of more than EUR 15 million have been realized (1 exit). The average financing volume ranges from EUR 300,000 to EUR 2,000,000. 

For more information, visit: www.prime-crowd.com


Press contact

primeCROWD GmbH

Mag. Florian Übelacker

CCO

florian.uebelacker@prime-crowd.com