Digital marketplace Paperclip has secured £750,000 in its latest funding round, bringing its total amount raised to more than £1.5 million over four years.
Its most recent round was opened publicly to Seedrs and included over 400 private investors by the time of its closing, achieving 126% overfunding.
Co-founded by Rich Woolley and Alan Small, the Paperclip platform allows users to buy, sell, swap and give away second-hand goods with nearby and likeminded users. Additionally, Paperclip has become a mainstay of UK university life – with over 40 universities offering dedicated platforms for their students, including Cardiff University and University College London.
This latest funding round will enable Paperclip to more than double its university presence, from 40 to over 90, representing a more than 70% market share of UK universities by the end of 2020.
Notable angel investors include David Buttress, former CEO of Just Eat, founder and former CEO of GoCompare Hayley Parsons, Ilona Simpson, board member at Lamborghini and Tariq Linjawi, Managing Partner at the United Consulting Group Saudi Arabia. The business has also secured funding from Mayfair-based venture capitalist Green Shores Capital.
Along with his investment, entrepreneur David Buttress has also been appointed to the Board at Paperclip, joining fellow business leaders Hayley Parsons and former CFO of the Financial Times John Davis in their advisory roles.
Paperclip CEO Rich Woolley said on closing the round: “We are over the moon to have secured such a substantial amount in our latest funding venture. The Paperclip platform is growing very quickly, with continued user uptake and university partners increasing all the time. This fund will go a long way towards ensuring that we continue to offer a slick and easy experience for users while always moving forward with innovation.
“In the last few months, we’ve moved into new and larger headquarters in Stadium Plaza, Cardiff, to accommodate our growing team and we’ve been working with some strong commercial partners such as National Express, Gif Gaff and Tastecard. With a fantastic year of development behind us, we look forward to dedicating 2020 to improving the university experience, and it’s very encouraging to know that there are so many people supporting us in this.”
On becoming an investor, Ilona Simpson said: “It’s impossible not to be impressed by the Paperclip proposition. Rich and Alan have managed to find a new way to approach an established marketplace and they’re succeeding at it. It’s a great business and I’m thrilled to be joining at a stage where I can help the team continue on this exciting trajectory.”