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Scrap Connection / Tradefox

Investor Update

on Dec 5 2019
I am a serial entrepreneur with a background in the waste and recycling industry, international trade and web based technologies.

I'm really amazed at the amount of progress we've made recently. 

In late November, I visited our corporate data partner in New York. At that meeting, I made the case for assigning us some of their resources and granting us additional data access to improve the relevance of our Tradefox TrustScore on companies where we lack sufficient trade data and/or adequate feedback from our members. They granted all of our requests! In one meeting, we reached an agreement which is going to improve the accuracy of the Tradefox TrustScore substantially. 

We are being granted FULL access to their database of 240 million companies. This will allow us to examine much more of the information they have on companies in order to score their potential as a trustworthy and reliable trading partner.

Consider the value of a credit score or payment history score showing how well a company pays their financial obligations and vendors. This can be used to assess the likelihood that a company might cheat their trading partners due to financial stress. Access to Suits, Liens and Judgments will warn us of legal problems they are facing. We will be able to look into the ownership structure of the companies and see if they are connected to any high risk companies or if an executive was involved in a company which has committed fraud or filed for bankruptcy in the past. We can even search company executives on several blacklists around the world used by financial institutions when performing KYC due diligence. Access to this data for the purposes of scoring companies is an important step forward in creating more reliable trade reputation reports on Tradefox. As a bonus, we have the option of reselling this data to our customers as an add-on to their subscription plans.

Madou Krul joins our team on January 2nd, 2020 as the new head of business development. She has an amazing track record at her current employer. In her role in corporate sales, she developed her own sales and marketing process, securing more than $2.5 million in new business in her first 5 months of employment. As a result of her success, she was asked to document her sales process and train over 50 BDM's within her global organization. 

She was then given authority to make substantial modifications to their company's existing CRM system, improving the productivity of the sales team while enabling corporate to track the performance of individual sales people across the organization. By identifying a problem and taking initiative, she saved the company $500,000 which would have been used to purchase and customize a new CRM system. 

Impressed with her abilities, her boss asked her to help him by setting up a new warehouse for a client which required the creation of a technical plan, a set of business procedures and her execution to bring the new warehouse online. She excelled in this role as well and within 6 months, she was managing two warehouses and had developed an entire supply chain process for their largest client. 

Every accomplishment mentioned above was completed within a period of 18 months! She is nothing short of the kind of Jack of all trades rock star that any early stage technology company would love to have. We are extremely excited to have her on board as we build a highly scaleable Marketing, Sales and Retention team at Tradefox. 

I have some exciting progress in product development to share. We just crossed a key milestone and now have well over 500,000 trades in our database (585,751 to be exact). We have added more than 3,000 new companies to our database in the last three months bringing the total to almost 120,000 companies. We've also completely revamped our scoring system, making significant improvements to it's accuracy. 

On the funding side, we have raised $85,000 in our first 3 months on WeFunder gaining 194 new investors. We now have over 1,800 investors who support our vision for bringing efficiency to global trade through the elimination of losses due to unfair trading practices. We couldn't be happier!

Thank you for your interest in our company! It is through your investment that we are able to bring about change to the global trade of recyclables. Our investors are our greatest inspiration and we will continue to work hard to create an outstanding return for each of you!

Liked by John Butterfield, Sebastian F, Kristaps Soms, and 29 others