Paperclip completes second investment round

Paperclip, an app where you can trade unwanted items, has secured a deal worth between £150-200K in its second funding round.

It’s been raised through a number of investors, including Finance Wales, professional poker player Andrej Kuttruf and Turkish entrepreneur Emre Fadilloglu.

The Cardiff-based tech start-up was spun out of Startup Weekend London 2014 – a hackathon for digital entrepreneurs and professionals – by Rich Woolley, Alan Small and Ziad Al-Ziadi.

After months of development, the app was launched last summer and has attracted thousands of users. It successfully pitched on crowdfunding show The Money Pit to raise additional funding.

Funds will be used to develop the app and to launch it in other countries across the world. The company has also opened an office in Cardiff, where two members of the team will work.

Rich Woolley, founder and CEO of Paperclip, believes Paperclip has the potential to revolutionise the way people dispose of products they don’t need and is excited for the future.

He said: “Everyone has stuff they don’t want in their houses. Why not take two minutes out of your day to add everything around your house that you’re just not sure about.

“With Paperclip, you’ll never know what someone might offer you for that old bike in the garage – it could be £100 more than you expected, or it could be an offer to swap for a new PS4. It’s free and takes seconds, so you really have nothing to lose and everything to gain.”

“It will be fun refining the product based on what people want, and growing it into something that enriches people’s lives. There are a lot of opportunities with the emergence of the sharing economy, too.”

Alan Small, co-founder and COO of Paperclip, said: “There are a number of ‘handheld eBays’ beginning to gain prominence this year, and it shows that there is appetite and infrastructure to redefine the way we treat our unwanted items”

“At the moment users are able to browse items in their area and make offers of cash or up to three items for with cash to swap – we’re looking forward to refining the app and expanding in Wales and London this year.”