- NorthLadder raised $10 million in Series B funding, led by stc Group’s tali ventures, Dutch Founders Fund, and Crescent Ventures.
- NorthLadder has recently launched operations in Amsterdam and aims to expand trade-in services with key partners across Europe.
- With innovative offerings and partnerships with telecom companies and retailers, NorthLadder has become a leading trade-in platform in over 10 countries within 18 months.
- The pre-owned smartphone market is projected to grow three times faster than the new smartphone market, and NorthLadder is positioned to capitalize on this trend with a secure, transparent, and value-maximizing platform.
UAE-based NorthLadder, a trade-in platform for pre-owned electronics, has successfully raised $10 million in a Series B funding round. This significant investment was led by stc Group’s corporate venture capital arm, tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures.
Founded in 2021 by Mihin Shah and Sandeep Shetty, NorthLadder has rapidly become a key player in the resale market, providing an automated, secure, and customer-friendly platform that meets the increasing demand for pre-owned devices. With this new funding, NorthLadder aims to further enhance its technology and strengthen its global presence, particularly in Europe.
NorthLadder’s Journey: Building an Innovative and Trusted Platform
- NorthLadder’s platform focuses on facilitating seamless trade-ins for electronic devices, offering customers a transparent, reliable, and efficient experience.
- The platform automates the assessment journey, providing accurate device evaluations, and allows home pickups, making it easier for users to trade in their devices.
- NorthLadder has quickly expanded its footprint across 10 countries, working with major telecom providers, retailers, e-commerce platforms, and OEMs, establishing itself as a trusted leader in the trade-in sector.
In the past 18 months alone, NorthLadder has set a new standard in the trade-in industry by introducing several pioneering services that add value for both individual customers and retail partners. Its offerings have included various industry firsts, underscoring NorthLadder’s commitment to innovation, customer satisfaction, and environmental sustainability.
Now, with its new European operations hub established in Amsterdam, NorthLadder is poised to collaborate with key partners across the continent, supporting growth in the trade-in sector across Europe.
Strategic Investment Led by stc Group’s tali ventures
The Series B investment was spearheaded by tali ventures, stc Group’s venture capital arm. Launched as part of stc Group’s ongoing commitment to fostering technological progress and driving sustainable growth, tali ventures strategically invests in high-growth companies from early to late-stage funding.
- As a leading digital enabler, stc Group has a strong focus on supporting businesses that align with its vision of a more sustainable and tech-driven future.
- NorthLadder has played an instrumental role in stc’s trade-in strategy, quickly becoming one of the region’s most prominent trade-in solutions within just 18 months.
According to Majed I. Aljarboua, the General Manager of Corporate Fund and Entrepreneurship at stc, the investment in NorthLadder aligns seamlessly with stc Group and tali ventures’ broader goals. Aljarboua emphasized that both entities are committed to advancing technology and fostering start-ups that can shape the future of society and technology.
He also highlighted how NorthLadder’s dedication to circularity aligns with stc Group’s vision of a sustainable world where protecting the environment and communities is a core mission, not just a byproduct.
Key Contributions from Dutch Founders Fund and Crescent Ventures
The Dutch Founders Fund, a notable investor in NorthLadder’s Series B round, brings valuable expertise and a history of success in fostering high-growth startups.
Laurens Groenendijk, one of the founding partners of the Dutch Founders Fund, is an experienced entrepreneur who has contributed to successful ventures such as Just-Eat, Treatwell, Miinto, and Hiber. Groenendijk sees NorthLadder as a transformative player in the pre-owned electronics resale market, combining innovative technology with a clear understanding of customer needs.
Groenendijk expressed confidence in NorthLadder’s future, noting that its commitment to transparency, trust, and sustainability is core to its success. The Dutch Founders Fund’s investment supports NorthLadder’s growth as a company that provides a secure platform, maximizing value for its users.
This mission not only transforms the resale industry but also advances a circular economy, playing an essential role in minimizing electronic waste and promoting a more sustainable society.
Strong Leadership and Vision for Growth
The leadership behind NorthLadder brings a depth of expertise in technology, operations, and scaling innovative solutions. Sandeep Shetty, NorthLadder’s CEO, previously served as the Managing Director of Careem’s Ride-Hailing business, which was acquired by Uber in 2019 for $3.1 billion.
His experience in driving digital transformation and handling complex operations across regions has been a key factor in NorthLadder’s rapid growth. Shetty views the recent funding as a vital step toward realizing NorthLadder’s global aspirations, supporting its efforts to become a leading name in device trade-ins worldwide.
Shetty has expressed enthusiasm about NorthLadder’s unique auction-based platform, which aims to offer the best residual values for pre-owned devices. He believes NorthLadder can support the circularity goals of its partners by providing an efficient, high-value trade-in solution on a global scale.
Mihin Shah, the co-founder and COO of NorthLadder, shared similar sentiments about the potential this investment unlocks for the company. Shah highlighted that the funding is a testament to the investors’ confidence in NorthLadder’s advanced technology and operational strengths.
He emphasized that NorthLadder’s team is well-equipped to support a diverse array of partners in mobile and electronic device trade-ins across various regions, reinforcing the company’s position as a trusted trade-in platform.
Addressing Growing Demand for Pre-Owned Devices
In the coming years, the demand for pre-owned devices is expected to surge, with the market for pre-owned smartphones alone projected to grow three times faster than the new smartphone market.
NorthLadder is positioned to capitalize on this trend by offering a comprehensive suite of services that meet the specific needs of customers seeking secure, valuable, and efficient trade-in options.
With its focus on maximizing device resale values and providing transparent trade-in processes, NorthLadder appeals to customers looking for reliable ways to extend the lifecycle of their electronics.
The company’s advanced platform, which includes automated assessments and home pickup options, ensures that customers can enjoy a smooth and hassle-free experience. By offering these unique services, NorthLadder stands out as an attractive option for customers and partners alike, and it continues to build long-lasting relationships in the trade-in market.
A Sustainable Approach Aligned with Circular Economy Goals
NorthLadder’s commitment to sustainability is reflected in its trade-in services, which help reduce electronic waste and promote the reuse of valuable electronic components.
By enabling users to trade in their devices rather than dispose of them, NorthLadder directly contributes to a circular economy, where products are reused rather than discarded.
This approach aligns with the broader mission of NorthLadder’s investors, such as stc Group, who view sustainability as a priority. NorthLadder’s trade-in services allow customers to support environmentally responsible practices while benefiting from secure and reliable resale options. As awareness of environmental issues grows, NorthLadder’s role in promoting sustainable device usage is likely to become even more critical.
Preparing for Future Expansion and Market Leadership
The $10 million Series B funding marks a pivotal moment in NorthLadder’s growth trajectory, enabling it to expand its platform’s reach and enhance its service offerings.
With its new base of operations in Amsterdam, NorthLadder is already prepared to extend its services across Europe, collaborating with key partners to offer reliable trade-in solutions to a broader audience. This funding will help NorthLadder strengthen its international presence, reinforcing its reputation as a trusted name in the trade-in sector.
Looking ahead, NorthLadder’s leadership, investor support, and innovative business model place it in a prime position to capture a significant share of the global trade-in market.
By maintaining its commitment to technological advancement, customer satisfaction, and environmental sustainability, NorthLadder aims to become a leading force in the global transition toward a circular digital economy.
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Last Updated on November 6, 2024 by Safiya K
