Cardiff-based digital marketplace venture Paperclip has secured £750,000 in its latest funding round to support its growth plans.
The latest round, through the Seedrs crowdfunding platform, was backed by more than 400 private investors and at close achieve 125% to the fund raising target
It brings the total amount raised by the firm to more than £1.5m over four years.
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.
It has become a mainstay of UK university life – with more than 40 universities offering dedicated platforms for their students, including Cardiff University and University College London.
The latest funding round will enable Paperclip to more than double its university presence, from 40 to in excess of 90.
This will represent more than a 70% market share of UK universities by the end of 2020.
The funding has seen former Just Eat chief executive and chairman of Welsh rugby region the Newport Gwent Dragons, David Buttress invest and joining Paperclip's board.
Mr Buttress joined other notable investors Ilona Simpson, board member at Lamborghini, Tariq Linjawi, managing partner at the United Consulting Group Saudi Arabia, and the founder and former CEO of GoCompare Hayley Parsons.
Ms Parsons is already a board member of the firm along with former CFO of the Financial Times John Davis.
Mr 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 in the centre of 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, Ms 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.”
