UAE-based startup North Ladder secures $5m Series A funding

A UAE-based trading platform for pre-owned luxury assets and electronics has secured a $5m Series A funding round led by regional venture capital firm BECO Capital.

North Ladder (previously called BuyBack Bazaar) says it will direct the new investment towards scaling up its technology platform, improving the customer experience and expanding into new markets.

The North Ladder platform allows users to sell electronics such as phones, laptops, tablets, and smartwatches, as well as luxury assets including watches and cars, with the option of buying them back within a few months.

The financing comes amid what the company says is a rapid growth of its client base, network of buyers and corporate partners. To date, the platform has witnessed over 15,000 transactions in the UAE. In 2021, the start-up 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.

“North Ladder has demonstrated tremendous success with its unique model of helping customers access immediate funds against their assets,” said Dany Farha, CEO & managing partner, BECO Capital.

“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.”

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The company recently appointed Sandeep Shetty, former managing director of the ride-hailing business at Careem, as CEO of North Ladder.

“Our exciting partnership with the region’s leading investor BECO Capital allows us to scale operations in the UAE and expand to other strategic markets, with the mission of meaningfully impacting people across all strata of society,” Shetty said.