North Ladder raises $5M Series A funding round, led by BECO Capital
North Ladder (previously called BuyBack Bazaar), a UAE-based secure trading platform for pre-owned luxury assets and electronics, has announced a $5M Series A funding round, led by BECO Capital.
The technology platform provides access to verified buyers of second-hand goods and instant cash. North Ladder currently enables users to sell electronics such as phones, laptops, tablets, and smartwatches, as well as luxury assets including watches and cars, with a unique option of buying them back within a few months.
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The startup will begin operating under the new brand name, North Ladder, effective immediately, representing the company’s strategy of charting new markets and supporting individuals across the globe in their endeavour to elevate their financial situation.
To date, the platform has witnessed over 15,000 transactions in the UAE, with over 85 different nationalities served while earning a 4.9/5 customer satisfaction rating. This year, the startup is looking to establish its presence in Saudi Arabia and the United States, with a focus on scaling the platform significantly in the next 18 to 24 months.
Dany Farha, CEO & Managing Partner, BECO Capital said, “North Ladder has demonstrated tremendous success with its unique model of helping customers access immediate funds against their assets. The provision of a seamless and trusted digital platform for the sale of pre-owned goods has immense socially transformative potential on a global scale. We are excited about partnering with them to take their services to the next level."
The company recently appointed Sandeep Shetty, former Managing Director of the core ride-hailing business at Careem, as Co-Founder and Chief Executive Officer of North Ladder. Prior to Careem, he also led the digital transformation program at Emirates NBD and has held leadership positions at McKinsey & Company and GE Capital across India, the United States, and the Middle East. Sandeep joins the leadership team of Co-Founders Pishu Ganglani and Ricky Husaini who together bring years of prior global startup, financial services, technology, and operations experience.
Sandeep Shetty of North Ladder commented, “Our exciting partnership with the region's leading investor BECO Capital gives us the opportunity to scale operations in the UAE and expand to other strategic markets, with the mission of meaningfully impacting people across all strata of society. Our global auction brings professional buyers from around the world to compete and provide local customers with the best prices and no hidden surprises.”
North Ladder has previously been recognized as one of the “Top 5 innovative startups in the MENA region" by PayPal-backed accelerator, Village Capital and awarded as an Innovator by Entrepreneur Middle East.
The new investment will help the company scale up its technology platform, enhance customer experience and pursue further geographic expansion.
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