Paperclip secures £500,000 in latest funding round

Paperclip, an e-commerce software company based in Cardiff, has raised more than £500,000 in a funding round led by the Development Bank of Wales.

The firm, which has created an online marketplace, has also received additional funding from GoCompare founder Hayley Parsons and former Financial Times CFO Tim Ward.

This is the third time that the start-up has received financial support from the development bank. The news comes as Paperclip recently launched a shopping service for students.

Founded by Rich Woolley and Alan Small, the company has developed a platform that allows consumers to buy, sell, swap and give away unwanted items. It’s also working on an enterprise offering.

Paperclip CEO, Rich Woolley, said that the marketplace platform is constantly growing – with “continued user uptake and enterprise partner releases doubling by the month”.

He explained: “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.”

Users from across the UK are adding thousands of items to the platform weekly. Hayley Parsons, founder of GoCompare, praised Rich and Alan for their work on the start-up.

“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,” she said.

“As well as building a consumer facing marketplace, I loved the idea that their platform could be adapted for businesses and could help immensely with employee engagement.

“The guys have some great developments in the pipeline and I’m excited to be involved and provide help or guidance wherever they need me.”

Sarah Smith, an investment executive at the development bank, said: “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.”

She added: “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.”