North Ladder (previously called BuyBack Bazaar), a UAE based secured trading platform for pre-owned luxury assets and electronics, has announced a $5 million Series A funding round led by regional venture capital firm Beco Capital.
The new investment will help the company scale up its technology platform, enhance customer experience and pursue further geographic expansion.
The homegrown start-up also revealed that it 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. The disruptive and innovative technology platform is the first of its kind, providing 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 smart watches, as well as luxury assets including watches and cars, with a unique option of buying it back within a few months.
The Series A financing builds on an exceptional year for North Ladder which saw rapid growth of its clients, network of buyers and corporate partnerships. To date, the platform has witnessed over 15,000 transactions in the UAE, with over 85 different nationalities served while earning an impressive 4.9/5 customer satisfaction rating.
In 2021, the start-up is looking to establish its presence in the Kingdom of Saudi Arabia and the United States, with a focus on scaling the platform significantly in the next 18 to 24 months.
“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 at a global scale. We are excited about partnering with them to take their services to the next level,” said Dany Farha, CEO & Managing Partner, Beco Capital.
The company recently appointed Sandeep Shetty, former Managing Director of the core ride hailing business at Careem, as Cofounder & 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 US and the Middle East.
Shetty joins the leadership team of co-founders Pishu Ganglani and Ricky Husaini who together bring years of prior global start-up, financial services, technology and operations experience.
“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,” said Sandeep Shetty. “Our global auction brings professional buyers from around the world to compete and provide local customers with the best prices and no hidden surprises.”
Since its launch in 2018, North Ladder has been recognized as one of the “Top 5 innovative start-ups in the Mena region" by PayPal backed accelerator, Village Capital and awarded as an Innovator by Entrepreneur Middle East. – TradeArabia News Service