Paperclip , the popular marketplace app, has secured more than £500,000 in their latest funding round.
This round of funding was headed-up by existing investor the Development Bank of Wales, with additional funding from GoCompare founder Hayley Parsons, the ex-CFO of the Financial Times as well as Tim Ward, who was also part of the team that sold Friends Reunited to ITV in a deal worth £175 million back in 2005.
Founded by UCL graduates Rich Woolley and Alan Small, Paperclip allows users to buy, sell, swap and give away second-hand goods with nearby Paperclip users.
The Cardiff-based firm has recently partnered with both Student Money Saver and MoneyMagpie to provide exclusive marketplaces for their users. Paperclip also has a B2B proposition that is poised to disrupt the enterprise marketplace industry.
Paperclip CEO, Rich Woolley said: “Our marketplace platform is growing fast, with continued user uptake and enterprise partner releases doubling by the month, alongside a growing pipeline with some big names. 2017 was a big year for Paperclip; we grew from three of us working in a flat to a team of 16. We moved to a fantastic office in Cardiff city centre and opened up an office in the Czech Republic.
“This latest round of funding involved strengthening our board with experienced founders, investors, and veteran C-levels. We’re all excited to make 2018 another record breaking year at Paperclip.”
Ms Parsons said: “When I met the Paperclip team, I was impressed by their ambitions for the business and instantly knew I wanted to invest in them – it’s difficult not to get excited by their energy and passion, but also the product was something I was particularly drawn to.
Development Bank of Wales Investment Executive Sarah Smith added: “The Paperclip team have developed a user friendly piece of software which is gaining more users week-by-week and with the addition of new B2B market enterprise proposition there are exciting times ahead. Their plans for the future are exciting. This latest co-investment also sees them gain support from some of the industry’s leading lights who will further support and advise the team.”
2018 promises to be a big year for Paperclip.