- Funding round led by CE-Ventures, with supporting investment from Beco Capital, Venture Souq and Dutch Founders Fund.
- Company is uniquely positioned to dominate the regional market and capture a significant portion of the global trade, says Crescent Enterprises official.
UAE-based digital trading platform – NorthLadder – has secured a $10 million convertible note to expand its reach to connect sellers and buyers of second-hand electronics better worldwide.
The round was led by CE-Ventures, with supporting investment from Beco Capital, Venture Souq and Dutch Founders Fund.
NorthLadder is a digital platform that enables frictionless trade of pre-owned electronics.
“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 Saudi Arabia,” Sandeep Shetty, Co-founder and CEO of NorthLadder, said.
Since its launch, NorthLadder has served more than 30,000 customers and has over 200 trade-in locations and more than 500 dealers across three countries.
Uniquely positioned
Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, said that NorthLadder’s journey has been impressive to date, growing to become the leading trade-in player.
And, with the UAE being the global hub, he said the company is uniquely positioned to dominate the regional market and capture a significant portion of the global trade.
“We look forward to supporting the scaling of NorthLadder’s operations and its expansion into other strategic markets, with the overarching mission of reducing the tech industry’s carbon footprint and working towards a more sustainable future,” he said.
Laurens Groenendijk, Founding Partner of Dutch Founder’s Fund, said that NorthLadder had created several innovative service offerings to fundamentally offer great value to customers and retail partners.
“Northladder is trying to solve a complex problem by establishing micro-networks in emerging markets on the demand side of the pre-owned electronics market. Although many companies attempted to disrupt this value chain, NorthLadder’s approach is ingenious and strengthens the circular economy,” he said.