Secondhand gadget retailer NorthLadder raises $10m from convertible note
CE-Ventures and Beco Capital among investors in latest funding round
Dubai: The online secondhand electronics retailer NorthLadder is raising $10 million through a convertible note in the UAE, led by CE-Ventures and also pulling in support from Beco Capital, Venture Souq and Dutch Founders Fund.
Beco had invested $5 million in the last round as well. NorthLadder’s customer base is now at over 30,000 as more turn favourable to buying pre-owned gadgets.
It has over 200 trade-in locations and 500 plus dealers across three countries. There are also partnerships with large electronics retailers and which helped make the company the ‘leading device trade-in player in the UAE’.
“With the UAE being the global hub that it is, the company is uniquely positioned to dominate the regional market and capture a significant portion of the global trade,” said Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, of which CE-Ventures is a part. “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.”
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 secondhand devices
Plenty of use for new funds
The $10 million raised will be used to scale up the retailer’s technology platform, ‘expand geographically, and further current B2B partnerships’. Sandeep Shetty and Pishu Ganglani are the founders, while Mihin Shah, another co-founder, joined last year to lead the core business. Shah is a former McKinsey Associate Partner and global head of supply chain for Landmark Group.