Scrap Connection   /   Tradefox

Scrap Connection / Tradefox

Business intelligence and trading tools for recycling industry professionals

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Security Type
SAFE
Categories
Other
Min Investment
$15
Offering Date
August 28, 2019
Expected Close Date
August 31, 2020
Target Raise
$50.00K-$500.00K
Deal Notes

15.0% discount

$25K+ pro rata right threshold

Company Description

To fix some big problems.Our founder, Chris Yerbey, has been in the recycling business for over 22 years. He started out brokering, and later traded internationally. Over the years, he and his partner built up a very successful business, but as revenue increased so did their exposure to financial risks. Fraud, contract cancellations, and losses in settlement of quality claims plague every honest buyer, seller and broker of scrap materials. With experience in platform based technology gained from his previous startup, he had a unique cross-industry perspective on how to solve the very problems he was experiencing as a trader. Motivated to use his knowledge to help others avoid these types of losses, Chris founded Scrap Connection in 2012.

Perks

$5,000+ Have a voice in our direction. You'll have the opportunity to contribute and give feedback on our product planning process.
$10,000+ All the perks from the previous levels, plus: We consider you a top tier investor. Therefore, we will include you on all major investor updates which go out to our private investors. In these updates, we share our strategy for the coming year, our monthly execution plan and progress.
$25,000+ All the perks from the previous levels, plus: Spend a day with Tradefox in Amsterdam. We will give you a tour of our offices. Meet the team and get an inside peek at what we are working on currently. We will also give you a special presentation introducing the products that we have on the drawing board. After the workday is over, join the team for a guided boat tour of the beautiful canals of Amsterdam. We'll take in a few sights and you'll enjoy a nice dinner on us. *Travel and hotel expenses are your (tax deductible) business expense.

Key Deal Facts

First Pick of 525 startups for participation in Startup Bootcamp Amsterdam 2012 accelerator program. (Tech Stars Affiliate.)
Revolutionizing the $250 billion market for recycling.
Potential to provide $200 million of value per year to companies that deal in recycling.
110,000 new company profiles added since 2018.
More than 2,500 detailed Trade Reputation reports available for download.
Over 1 million shipments added in 2019 totaling more than $30 billion.

Use of Proceeds

If $50,000 is raised:

94% -- Funds will be used for paying critical business development costs 6% -- Wefunder intermediary fee

If $100,000 is raised:

94% -- Funds will be used for paying business development costs with a focus on rapidly increasing monthly recurring subscription revenue 6% -- Wefunder intermediary fee

If $250,000 is raised:

94% -- We plan to expand the business development focus by hiring new team members who will focus on revenue from subscriptions. Additional funds can be used for marketing and sales. We also plan to hire a data scientist to help us improve the quality of our product.  6% -- Wefunder intermediary fee

If $500,000 is raised:

94% -- We plan to further expand sales in 2020. We also plan focus on expanding or product offering into additional verticals such as industry raw materials and agricultural products based on the success and learnings from 2019. 6% -- Wefunder intermediary fee

Management Team / Advisory Board Bios

Chris Yerbey
Founder & CEO
22 year industry veteran. Serial entrepreneur with 5 successful companies including 1 tech startup.

Deal Notes

15.0% discount

$25K+ pro rata right threshold

Amount Raised : $292,106
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Security Description

A SAFE is an agreement between you—the investor—and the company in which the company promises to give you a future equity stake based on the amount you invested. It also involves some kind of a triggering event that must take place in order for you to get your future equity stake. Be careful as you may only get equity if a particular event is triggered.

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