# Tradefox, Inc. Trust in Recycling ♺ Risk out, Finance in, Planet win! ## Elevator pitch Tradefox is a business intelligence product providing visibility into the trading reputations of companies in the recycling industry. Our 6,000+ members are industry professionals, banding together to stop fraud and other unfair trading practices. Our core product is the Trade Reputation Report. These reports consist of firmographic data, import/export trade data, materials traded, association memberships, post-trade reviews between verified trading partners and a TrustScore rating. - Canonical URL: https://wefunder.com/tradefox - Entity ID: wefunder:company:10473 - Last updated: 2026-06-15T05:00:07Z - Generated at: 2026-06-15T21:56:02Z ## Quick facts - 6,200 Tradefox Members from 183 countries Average 65% increase YOY. - +250,000 buyer-seller transactions reviewed by verified trading partners. 405% annual increase - 🚀 2.5 million matched and verified buyer-seller transactions. 500% increase YOY. - 👓 Visibility into over 220,000 unique trading partner relationships. - 💸 $1 trillion industry growing at 5-10% CAGR with a $100 billion immediately addressable market. - 📄 150,000 + Business Reports on companies that buy and sell recyclables. - 🥇 First Place in Startup Bootcamp Amsterdam accelerator program. (TechStars Affiliate) - 🧙‍♂️ Management team has 70+ years exp. in intl. trade, data viz, tech. & structured finance. ## Active fundraises - wefunder:fundraise:68636: 4(a)(6) successful (USD) - wefunder:fundraise:68637: 4(a)(6) successful (USD) - wefunder:fundraise:28009: 4(a)(6) successful (USD) - wefunder:fundraise:6441: 4(a)(6) successful (USD) ## Story Tradefox is solving the biggest problem in the recycling industry – the lack of transparency. This lack of transparency results in unnecessary costs which decreases the viability of recycling, leading to the disposal of $100’s of billions of material value in landfills every year.We provide visibility into past trading behavior and current industry reputations of companies that buy and sell recyclables. Our goal is to act as a conduit for green capital to enter the recyclables trade, increasing profitability and liquidity for the recovery of more material from waste. The Cost of Limited Transparency1) Fraud and Other Unfair Trading BehaviorOne billion dollars is lost every year to unfair trading practices ranging from quality manipulation, contract cancellation, unpaid quality claims and outright fraud. Limiting capital losses is the key to increasing industry investment and the viability of recovering recyclables from waste streams. The above claim is made based on research conducted by Scrap Connection, BV indicating that the total losses suffered by buyers average about 1% of purchases/imports globally. 2) Limited Access to Trade FinanceAffordable and effective trade finance is difficult to obtain. Risk managers are unable to assess their customers' exposure to unfair trading practices. Providing company reputation visibility allows financial institutions to allocate green capital into the recycling industry. 3) Lack of Insurance for Key Trading RisksInsurance companies are unwilling to underwrite losses to unfair trading practices due to a lack of data insights into company trading behaviors. With the threat of losses that can bankrupt a business, insurance coverage is an imperative and provides additional assurance to the finance sector. How Tradefox Solves these Problems1) Database of Trading ReputationsTradefox has spent the last four years establishing its technology platform as a solution for avoiding losses from unfair trading practices; representing recyclers, material consumers, traders, brokers, logistics, financiers and insurers.Today we have:Trade reputation reports on more than 150,000 companies 5,300 + members spanning across 183 counties100,000 peer-to-peer reviews on individually verified tradesVisibility into 220,000 + unique trading relationships2.3 million verified buyer-seller trades matched by machine learning.Counter-parties provide the crucial informational feedback loop - rating each other on metrics such as integrity, material quality, payment, shipping and the handling of quality claims.Our scoring algorithm combs through the data on trade reputation reports, providing a high-level assessment on each company’s reliability and trustworthiness. We now have more members than the Top 3 leading international recycling trade associations combined.2) Market Access for Sustainability Focused InvestmentTradefox business intelligence provides intrinsic value to financial institutions eager to deploy sustainable investment funds, but wary of the risks of backing this large, but poorly developed market. Powered by data analytics, peer-to-peer performance reviews and trading history, Tradefox can provide key market intelligence & data insights into the interconnectivity of the market & quality of ongoing trading relationships.3) Partnerships with Finance and Insurance Institutions By complementing our partners’ credit and risk analysis with Tradefox’s understanding of operational and behavioral properties of market participants, we can broaden the industry’s access to financial products and address uninsurable risks in the industry.Business Model Tradefox is strategically increasing our database asset value as we develop and educate the market, build the brand and onboarding new members through a data exchange program.Companies earn credits and free access to the platform by reviewing their trading history with verified trading partners - building value for all members. Credits unlock due diligence reports, which are monitored on an ongoing basis for an additional fee.Once companies deplete their credits, they move to a pay as you go or subscription model to access Tradefox reports and other features.Unlocking Sustainable CapitalThe market for sustainable finance has grown to $1.2 Trillion, and future growth looks highly likely given that financial institutions have committed $6 Trillion + before 2030.Our unique data insights allow risk managers to better assess sustainable funding opportunities within the recycling industry, channeling green capital to where it can make the greatest direct impact, facilitating real and tangible change.Growth StrategyWe have prioritized new membership growth in Central Asia and the Middle East to capture the predominant buyer-side of the global market, as well as exporters from North America and Europe who sustain a competitive edge by maintaining their Tradefox profiles. Our next phase of business development extends the scope of data acquisition and member onboarding to the rest of Asia across all material types. By partnering with emerging recyclables exchanges, national and international trade associations we estimate a 10x increase in market capture in the next two years (not guaranteed).This will be followed by a move into intranational trade where more complex relationships in the circular economy exist, meaning significant opportunities for additional products and services. Forward looking projections cannot be guaranteed.Forward looking projections cannot be guaranteed.Revenue ForecastCombined revenue streams driven by subscription licenses are projected to generate $12-15 million revenue in 3 years, scaling 2.3x over years 4 & 5 as Tradefox expands into new data categories (ie. ESG reporting), new geographies and intra-national markets (not guaranteed).Positioning services between trade partners giving access to insurance and finance products and scaling the addressable market will drive exponential growth towards a $1 billion valuation in 6-8 years (not guaranteed).Forward looking projections cannot be guaranteed.Use of FundsTradefox is committed to a VC investor readiness program following this final round of SEED investment, closing a priced round in 18 to 24 months, although ability to close VC funding at all or within this timeframe is not guaranteed.Funds will be used to support talent and data acquisition, continued market development and scaling up in-person attendance at international and sector specific conferences & trade shows.It will fund the technical development of deep analytics, machine learning algorithms, an underlying blockchain ledger (DLT) and APIs to support the demands of financial, credit, insurance and debt management institutions.Your investment into Tradefox will drive change by helping the recycling supply chain become more efficient and improve profit margins for companies at the forefront of the circular economy. ## FAQ 1. **I do not see the "Early Bird bonus" : $4M Valuation Cap & 20% discount, being shown in the contract. Can you please check on the issue? Thank you.** - Hi Richard, hope you're doing well. I just noticed this old comment from Nov 2016 went unanswered. I hope I covered the reply in another comment or communication, but as it was unanswered, its showing up at the top of the feed. Let me know if you have any new questions for this round. Take care, Chris 2. **How is it determined how many shares I will get?** - With this type of crowd funding, you get a contract which states that we will award stock to you in the amount that you have invested at a future date when a valuation has been established in a bigger funding round typically by venture capital investors. Since it is assumed the investors in the crowdfunding campaign are not typically professional investors (VCs), the decision for the new valuation of the company and correspondingly the new share price is deferred until a future date when prof... 3. **Can you provide more insight into how you arrived at the revenue projection for 2017?** - We intend to focus on building up recurring revenue in 2017 from two sources. First will be growing the revenue from monthly memberships. To this end, we plan use some of the funds from crowdfunding to hire a full time person for business development. In the second half of the year, we are projecting to have our new business intelligence product available. This will be company trade reputation reports, available for a fee of $50 per use. The income from this service is expected to be much mor... 4. **What kind of stock is being offered by this scheme?** - You will be issued Safe Preferred Stock at the next priced round. Quoting below from the SAFE agreement: 1.D. 2. “Safe Preferred Stock” means the shares of a series of Preferred Stock issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Preferred Stock, except that such series will have (i) no voting rights, other than required by law; (ii) a per share liquidation preference and conversion price for purp... 5. **Thanks for the opportunity to invest and I have a few questions. Question on the decimal ponts- In other words, in the 2015 financials pdf, does Loans Recevables Dopper 3.3000 mean Three Thousand three hundred? Or 3.3 million?** - I understand the confusion and thanks for asking this question. In the Netherlands, values are noted using a comma as a decimal point and a decimal point as a comma in comparison to US standards. €3.300,00 is €3,300.00 ## Team - Chris Yerbey (Founder & CEO) - Will Cavendish (CTO / CSO) - Floris Solleveld (Head of Commercial ) - Duncan Walker (Market Research / Trade Finance) - Denise Gerards (Senior Head of Operations) - Ashwani Dutt (VP of Operations, Central Asia) - Damir Dardagan (Product Owner) - Ervin Djogic (Lead Software Engineer ) - Poonam Dhiman Bansal (Customer Support ) ## Recent posts - Summer 2024 Investor Update (2024-06-11T13:35:05Z) - Final Hours to Join Our Journey – Invest in Tradefox Today! (2024-04-29T14:12:54Z) - Final Two Days: Tradefox’s Breakthrough Services Empower Recycling (2024-04-27T14:59:25Z) - Final Three Days: Why Investing in Tradefox is Right for You (2024-04-26T19:43:24Z) - $250K New Investment: Join Us! (2024-04-17T18:41:26Z) - Major Win! €2.2M Grant on Horizon for Tradefox (2024-04-08T11:55:12Z) - Recycling Today Shines Light on Tradefox (2024-04-04T11:32:18Z) - Tradefox and Atradius: Changing the Game in Fair Trading (2024-03-04T16:43:17Z) - Dive Deeper with Tradefox: Key Questions Answered Post-AMA (2024-03-01T15:18:31Z) - 17X Revenue Growth in 2023! (2024-02-26T13:25:00Z) - 2024 Investor Pitch Deck (2024-02-23T11:29:18Z) - Tradefox Investor Deck (2024-02-19T14:52:51Z) - AMA Tradefox Live Investor Session (2024-02-07T19:30:05Z) - Nick Clark Joins Tradefox as Head of Customer Success (2023-10-06T15:54:52Z) - Floris Solleveld Joins Tradefox as Head of Commercial (2023-10-03T20:46:24Z) ## Q&A - Q: Hi Chris, I've been an investor since the 2018 wefunder round. I believe in the big idea you are working on and am rooting for you to crack it. I'd appreciate your input on a few concerns: 1. 10 years after starting the company, revenues are still insignificant and neither the pitch nor the update talks much about revenues. Why is the team not focussed more on generating revenue and proving the business model? Or what's holding you from growing revenues? Especially in today's funding climate, I believe this is critically important. 2. The predictions in some earlier answers below seem quite unrealistic (e.g. predicting the business would break even by the end of 2020, or IPO 3 years after 2021). Could you share your learnings from this and how you plan to make projections more robust going forward? 3. In the financial statements of 2020 and 2021 under related party transactions, it is stated that the CEO loaned the Company $86,450 at a 9% interest rate, while at the same time the Company has loaned the CEO $164,451 at a 3% interest rate. This is a red flag as it means net you are both personally earning interest from the company and at same time benefiting from liquidity. Why was it structured this way? What is the current situation wrt related party transactions? Are there checks and balances in place to avoid such situation in the future? Thank you and wishing you and the team all the best! - A: Hi Wouter, Thank you for your patience and thanks a lot for the catch on the oversight in the related party transaction! Questions 1 and 2 are excellent questions and would require quite a lot of text to reply to them here, so I have decided to use them as the basis for the next investor update. Additionally, I think commenting on our history and sharing the details of our delayed revenue strategy would benefit all investors, especially new potential investors who haven't been following our progress as you have for the last few years. I'll address your last question here. First of all, this was simply an oversight on my part and a misunderstanding of the CPA that reviewed our financials. The loan was from a related party, but not from myself. When I reviewed the CPA's work, I completely missed this error. Thanks to you, we caught it and uploaded the revised 2020-2021 CPA review on March 23rd. Regarding the policy in general, any related party transaction is disclosed and there's always a paper trial. In this case, we had a loan agreement in place and followed the terms of that agreement maintaining an arms length business relationship with that person. Be on the lookout for the update in the next few days . I'm working on it currently. Thanks again, Wouter! :) - Q: What was the revenue in 2022 and what is the estimated revenue for Q1 2023 and FY 2023? - A: Hi Boudewijn, Thanks for your patience. We ended up posting this information once we launched the new crowdfunding campaign last month. However, hold tight because we need to make a revision to those projections. In the next couple of weeks, I will be sharing our latest projections which are based on 6 more months of experience and which also reflect the challenges in the local labor markets. We are still approaching a revenue growth curve, but we will need a little more time to achieve the lift-off we are all looking for. However, you will see in coming updates that we've been making some very exciting progress in asset growth which is based on the success of our flywheel for creating product value growth by strategically delaying our subscription sales. :) - Q: Hi, I'm having a hard time justifying a $30 million valuation from a company with ~ $4,000 in revenues last year. Yet with projections of $12 million in revenue in the next 3 years! Really! I say this as someone who regrettably invested in your original fundraise back in 2017. Six years later and you haven't met any of your revenue goals from that first fundraise, but magically now your primed for exponential growth? On Feb 25, in the comments below, Wouter K asked you some very pointed questions regarding your business dealings. Why haven't you answered him? Got something to hide? - A: Hi Daniel, Thank you for your questions. Answering your first question and Wouter's questions here would have taken quite a lot of space and because I think the answers will be very valuable for everyone, I decided to make the responses the content for the next investor update. :) I will address your last question here. But the short answer is very simple. It was an oversight during the review process. The CPA stated the loan granter incorrectly and when I reviewed his work, I didn't catch this mistake. This loan was from a related party and not from me. But, it has been corrected. Thanks to Wouter pointing out the discrepancy, we uploaded the corrected version of the 2020-2021 CPA Review on March 23rd. We have been working diligently to build value for both our customers and investors which takes time, perseverance and dedication, the results of which will benefit everyone. I hope that once you see the coming updates, we will win you back. You can expect three substantial updates coming in the next few weeks. If you have additional questions, please let me know. Thanks! - Q: Hi Chris. It has been over 1.5 years since the close of the round. It would be great to receive a detailed investor update regarding how things are shaping up, MRR for 2018, how the valuation may have improved over time and if you are considering further Reg CF/VC rounds. - Q: It seems that TradeFox's website (https://tradefox.co/) is back up. Perhaps someone can pay an unannounced visit to TradeFox's office at the following address: Singel 542 TNW City building 1017 AZ Amsterdam You know, just to make sure that the company still exists. :) - Q: I have not heard on your progress, Please send us note on whats the future looks like for the company and the investors. best regards - Q: Hi.. May I suggest Tradeox Inc to collaborate with https://wefunder.com/zerocarbon & https://wefunder.com/zerocarbon - A: Hi George, Thanks so much for the recommendation. I looked into your recommendation in February, but I want to take a few minutes today to share my thoughts. Zero Carbon is an interesting company. They are solving what I consider the last challenge in recycling waste. Around 2004/2005, I worked on a project which had the potential to take all waste material directly from waste collection companies and recycle almost 100%. The secret to getting such a high rate of recycling, was a plan for converting the wet food, soiled paper and low value plastics into fuel cubes. These fuel cubes would have been mixed with coal and burned for energy. This would have been allowed the coal plants to become greener and would have allowed us to close landfills (one of my main goals with Tradefox). It was an exciting project at the time, but look how far things have come in 20 years! Now you have companies like Zero Carbon solving this last challenge in a much (MUCH) more environmentally friendly way. And this is very exciting! I see a point in the future where our visions' merge, making it possible to reach the goal of recycling 100% of waste. I've reached out to Julien to connect. Thanks so much for making this suggestion. - Q: What is your plan for customer retention? - A: Hi Hasan, our plan is to continue to improve the value of the trading reputation information our customers pay for by obtaining feedback from many more companies around the world who trade in recyclables. We also see the upcoming conference as a way of getting people to create a habit of looking up companies. They will want to do this when they are setting up one on one meetings especially. We believe that after each conference, we should be able to retain 70% of the attendees as monthly subscribers. The main point we have been struggling with is finding a way get customers to create a habit of using our product. For that reason, our process for following up with members both via automated and manual contact is influenced by the frequency with which they are using our product. The less often they access the site to look up companies, the more we reach out to them to make sure they are thinking of us. This will even include regular phone calls to check in where needed in the near future. - Q: What's the current status with our investment? - Q: I invested in 2020. Why hasn't my investment fluctuated one way or the other since then? - A: Hi Dan, Thanks for reaching out. When you invest using SAFE agreements, the investment you made retains the same value until the company reaches a liquidity moment. At that time, the SAFEs are triggered and stock is issued to the investor based on the terms of the agreement. The valuation cap is upside protection for you and the discount is the downside protection. Our plan is to trigger those SAFE agreements once we close a Series A venture capital round. We have our sights set on a $10 Million investment with a valuation between $50 M and $100 M. The reason that hasn't happened sooner is because we weren't able to achieve substantial revenue growth as quickly as we had hoped. There is a lot of uncertainty when operating as a startup. We set our goals based on all the knowledge we have at the time they is made. If we don't reach all or some of our goals, we learn a lot along the way and revise our projections based on many more months of experience. We also make an inventory of our what we have achieved and what we missed and study why. In 2022 and 2023, we had some very substantial breakthroughs. You can read about them in the updates when you have time. We even had our first year of rapid revenue growth in 2023 (10X). I will be announcing this officially next week. So even though the value of your investment has grown considerably, from an accounting perspective it will remain the same until the stock is issued. I hope this answers your question. Thanks! - Q: Chris, also as an investor since 2017, can you please highlight the changes in company valuation over the last 7 years leading up to the current $27.5M? - A: Hi Vincent, This is a difficult question but let me give it a shot. We started our first investor campaign with a $4.5 Million valuation cap. This was based mostly on the domain knowledge of the team which, based on 6 years experience operating a marketplace for scrap metals, wanted to pivot the business to a business intelligence product. There was no BI product in existence. All of this needed to be built and deployed to test the assumptions that the industry even wanted a product like this. So at this stage, the investment made was at the highest risk. The second campaign was opened 2 years later and the valuation cap was set at $7.5 Million. At that point, we had a working product, has completed a management buyout and changed the name of the company / brand to Tradefox. We were starting to see early signs of product market fit, but the investment was still very speculative. We needed more money to continue to build the product at that stage. In between 2020 and 2023, we raised funding only from accredited investors in a Regulation D round. The valuation cap was increased over time from around $7 Million in 2020 to $22.5 - $25 Million in the second half of 2022. This significant increase was based on the fact that we started getting very clear traction with our product. The big driver here was the rapid acceleration in the rate at which companies were providing reviews on their trading partners. You can read a post looking back on that here: https://wefunder.com/updates/166625-new-milestone-200-000-trade-reviews . In this post you will notice the incredible liftoff we were witnessing starting around April 2022. At that point, we were able to show our accredited investors that we had real traction and this was the first sign that we were about to exit the startup phase and enter the scale up phase. Since opening the Wefunder round in 2023, we have achieved numerous crucial milestones. These are all mentioned in our updates. This clearly solidifies the $27.5 and $30 Million valuation caps in our mind and in the minds of the investors who see the risk of failure much less likely and the chance of us reaching a $50M to $100 M valuation in our Series A round and eventually reaching a $1 billion valuation as much more likely. Thanks for asking this question. I hope it is what you were looking for. :) Chris - Q: My name is joseph Sullivan , I made a small investmate 3 or so years ago never got A update on the invespment can you help - A: Hi Joseph, investor updates are provided here on Wefunder as required by the SEC. We also email a copy of these updates to the address we have on file. If you have updated your email address, please drop us an email at support@tradefox.co. - Q: Hi what is the current status? What should I do to sell my invested shares - A: Hi Sivasubramanian, you were issued a SAFE agreement in 2017 when we closed that funding round. You are to be issued shares at a later date once we close a priced funding round. - Q: Will current Trade Wars affect Scrap Connection - Q: We need an update on our investment!