UAE-based trading platform for second-hand luxury products and electronics North Ladder, has raised a $5 million Series A funding round led by BECO Capital.
Launched in 2018 by Pishu Ganglani and Ricky Husaini, North Ladder (previously called BuyBack Bazaar) enables users to sell electronics such as phones, laptops, tablets, and smart watches, as well as luxury assets including watches and cars while enabling the option of buying it back within a few months. It also provides its users with access to verified buyers of second-hand goods and instant cash.
“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 and managing partner at BECO Capital.
The startup has so far processed more than15,000 transactions in the UAE, with over 85 different nationalities served. The company will use the fresh funds to scale up its platform, enhance customer experience and increase its geographic reach, with a focus to expand into Saudi Arabia and the US in 2021.
In its release, the company announced the appointment of Sandeep Shetty, former managing director of UAE-based super app Careem, as co-founder and chief executive officer (CEO) of North Ladder.
“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 of North Ladder. “Our global auction brings professional buyers from around the world to compete and provide local customers with the best prices and no hidden surprises.”
Additionally, North Ladder was recognised as one of the “Top 5 innovative startups in the Mena region" by PayPal-backed accelerator, Village Capital.