Fairphone uses money from an investment round to put more fair materials into products and to improve customer service. The Dutch smartphone maker receives 49 million euros in this round.
The largest investors are government fund Invest-NL and ABN Amro’s Sustainable Impact Fund, writes the company. Existing shareholder Quadia is also participating. With the amount, Fairphone will also pay shareholder PYMWYMIC and 1000 crowdfunders.
In addition, Fairphone promises to use more fair materials in future products by investing in mining programs in Africa and South America and in fair wage programs in factories in Asia.
Fairphone currently sells smartphone and wireless earbuds. In doing so, it tries to produce its products as fairly as possible, including paying attention to the origin of materials and working conditions. For users, it means long support with updates and parts that are easy to replace and upgrade. The most recent model is the Fairphone 4, which was released in 2021.
