You founded Kynekt after having your own tools stolen. What happened?
Before launching , I ran my own construction business. It was a good size; we ran a large team across multiple job sites, and the work was really rewarding. We got a lot done. But tool theft was relentless. It happened on site, from vans, and from lockups. And the financial impact was huge. People often think it鈥檚 kind of a victimless crime because you can always claim on your insurance, but it鈥檚 often not that easy. And when you lose enough and make claims enough, your premiums become so high that it stops being viable. Kynekt is my solution to that.
Designed specifically for trade professionals, it doesn鈥檛 just provide proof of ownership for insurance claims, but unique ID codes for tools, and trackers that can be used by police for retrieval. The aim is to provide everything tradespeople need to protect their assets in one place.
How big is the tool theft problem?
There was a Simply Business survey a few years ago, showing that 78% of tradespeople have experienced tool theft. And that comes at a cost of around 拢100m a year. That鈥檚 a massive impact for any industry. But it鈥檚 not just the financial impact that鈥檚 a concern. Because around half of thefts happen overnight from vehicles, contractors feel personally violated by the experience, and around two-thirds worry about it constantly. While the obvious answer is not to leave your tools in your van overnight, most contractors don鈥檛 have anywhere else to leave them. And our research shows that 68% of tradies worry about this daily.
Why do so many insurance claims for stolen tools fail?
The biggest problem is that 83% of affected tradespeople have no proof of ownership when theft happens, so claims are rejected before they鈥檙e even assessed. And that鈥檚 part of the inspiration for Kynekt. We want to help more people to receive the insurance cover they鈥檙e paying for. Too many tradespeople rely on out-of-date asset records, because keeping up with admin just isn鈥檛 a priority when you鈥檝e got multiple jobs coming in. With Kynekt, you have a tamper-proof, timestamped documentation register as proof. We work with specialist insurer Superscript, who recognise Kynekt as a form of proof of ownership, and will process claims from Kynekt customers making the process straightforward.
What does Kynekt actually do when tools are stolen?
We offer a range of connected services. So, the foundation is a digital ownership register when signing up, which can help with insurance claims. The process is easy – a rapid 2-minute inventory registration via photo scanning, and specialist trade insurers (like Superscript) are already recognising us as a trusted source. Then we offer covert GPS tracking with remote disable, so if tools are stolen, they can be disabled and retrieved – so far we鈥檝e had a 94% recovery rate, with an average of two hours from theft to recovery, versus the 5% recovery rate of tools without tracking. On top of that, we provide a verified second-hand marketplace in the same app, so if you need to sell or buy tools, you can do so with confidence.
Stolen tools often end up on Facebook Marketplace and eBay. Can that pipeline be broken?
Only when verifiable alternatives are available. And that鈥檚 what we鈥檙e trying to offer. Manufacturers don’t build in recovery or take theft seriously – probably because theft usually results in another sale. So, the industry needs a verified marketplace that gives buyers a clean alternative where ownership is proven. If we can make buying from platforms like Kynekt the norm, it will become natural to be suspicious of other online marketplace sales.
What’s the cost of tool theft beyond the kit itself?
There鈥檚 obviously the value of the kit, and the bumped-up insurance premiums. But then you鈥檝e got the burden of missed jobs, lost deposits, damaged client trust, and the reputational hit of not turning up. And that can鈥檛 be underestimated, as most tradespeople work from reputation alone.
While large construction businesses like mine still feel the impact, the hardest hit will always be the sole traders. When tools are stolen from an independent business, it can be devastating. They can lose weeks or even months of work. And that鈥檚 a huge financial and mental burden to carry. Mental health isn鈥檛 something that often gets discussed in this trade, but the Tradespeople Against Tool Theft white paper showed that having tools stolen has had a 鈥渟trong impact” on the mental health of 39% of people involved in the research. And it鈥檚 not surprising to anyone who鈥檚 been unfortunate enough to experience it.
What can we see from Kynekt in the future?
We鈥檝e already made great strides, Kynekt is backed by the police, specialist insurers, and thousands of UK tradespeople. Our aim is to make tool theft unviable. If people won鈥檛 buy the tools you鈥檝e stolen, and the police are able to track and retrieve stolen goods within hours, then there鈥檚 no value in the exercise. Especially if you can鈥檛 even use the tools when you鈥檝e got them because they鈥檝e been remotely disabled. Our next focus will be on growing ToolTrade庐, our verified tool marketplace. Every business has kit sitting idle. ToolTrade庐 lets you sell what you no longer need for real money, buy trusted second-hand equipment, and purchase new from approved vendors – all in one place.
