Technology start-up company Paperclip has secured a 6 figure co-investment deal with Finance Wales and a number of Turkish investors led by Emre Fidillioglu.

The app allows used to buy and sell, trade and swap unwanted second hand goods with other nearby users who use the app. Users of the app are able to set prices for their goods, offer to swap them or even give them away for free. The app was created by Rich Woolley (28) and Alan Small (29) who both graduated from Imperial College along with their friend Ziad Al Ziadi (20) another London student.

Chief Executive Rich Wooley said: “the idea behind the Paperclip app is really simple. Everyone has stuff in their houses, taking up room which they no longer want or need – but could be worth money.”

On their journey to secure funding, the team first pitched their idea at the 2014 London Start-up Weekend however it wasn’t until they appeared on Dave’s crowd funding TV show, Moneypit, that they finally secured substantial investment. The app then went live in October 2015 and was available on Apple and Android devices. It now boasts thousands of users in the UK.

In order to continue to grow their business, the founders of Paperclip approached Finance Wales Technology Seed fund team to seek additional funding.

One of the app’s co-founders, Rich Woolley had this to say: “Thanks to Finance Wales and Emre Fidillioglu we’re in a position to really expand our offering. We’re working on some exciting new developments for the app which we’re excited to launch later this year.”

The deal was structured by Phil Barnes, the Finance Wales executive who had this to say: “ Paperclip has some great intellectual property behind it. Rich and the rest of the team have created a user friendly app which fills an exciting niche in the trade and sale app marketplace. They have a number of excellent ideas for monetizing Paperclip, including working with companies like Nandos and Subway to offer local deals to app users.”

Mr Fidillioglue added that: “It was not difficult to find believers in Paperclip and its great management team.” Paperclip is solving a basic but historical problem with an outstanding app. I am very glad to have the opportunity to invest and believe Rich and the team have what it takes to make the app a great success.”