When Brandon Aversano was battling cancer and lofty medical bills, his onerous experience trading jewelry for cash sparked inspiration for his Newtown-based start-up, writes Ryan Mulligan for the Philadelphia Business Journal.  

Aversano felt that precious metal dealers were unpleasant, so he launched the app to make the process friendlier, smoother, and more tech-forward.  

Alloy, which launched in June, has experienced “explosive growth”, recently raising $800,000.  

App users can enter information on their jewelry such as weight and purity. Then, they can order a kit to mail the jewelry which gets examined by a team of experts. Within days, an offer is made.  

The app specifically focuses on scrap metal and has contracts with two of the largest precious metal refineries in the country.  

Alloy anticipates generating over $1 million in revenue and is projected to reach $10 million by its third year.  

The five-employee company aims to grow to 20 full-time employees by the end of 2024. Another goal is to expand operations to sell jewelry as well.  

If users can get jewelry still in good condition appraised, instead of having it melted down, the jewelry can be listed for sale through the app instead.  

Read more about Brandon Aversano’s plans for the Newtown-based start-up in the Philadelphia Business Journal.  

More about Alloy