Northladder plans expansion with US$10M convertible note
UAE-based NorthLadder has raised a $10 million convertible note to scale up the company’s technology platform, expand geographically, and further current B2B partnerships. The funding was led by CE-Ventures, with supporting investment from BECO Capital, Venture Souq and Dutch Founders Fund. BECO had already invested $5 million in the company’s last funding round.
NorthLadder is the Middle East and North Africa (MENA) region’s digital platform that enables frictionless trade of pre-owned electronics. Their model provides great value and convenience to consumers to sell their devices, as well as a steady and reliable supply to buyers on the platform. Since its launch, NorthLadder has served more than 30,000 customers, and has over 200 trade-in locations and 500+ dealers across three countries. The company has also secured partnerships with large electronics retailers and is now the leading device trade-in player in the UAE. NorthLadder has created several innovative service offerings, some of which are world firsts, to fundamentally offer great value to customers and retail partners.
Sandeep Shetty, Cofounder and CEO of NorthLadder is looking forward to experiencing the positive impact of this new round of funding for NorthLadder, stating, “We have always envisioned building NorthLadder into a global business. With this latest round of funding, we plan to further strengthen our talent base and expand our market reach in multiple countries including the UAE and KSA. Affordability, driven by trade-in’s, is a key enabler for the sale of new devices and we are excited about powering this for our partners, through our unique global business model that ensures the best residual value for second hand devices”
In the next five years, the pre-owned smartphone market is expected to grow three times faster than the new smartphone market. Northladder is well equipped to meet this demand. With its new investment, the company shows great potential to expand its model on a global scale.