• UAE-based device trade-in platform NorthLadder has closed its Series B at $10 million, led by stc Group’s tali ventures, Dutch Founders Fund and Crescent Ventures.
• Founded in 2018 by Mihin Shah, Pishu Ganglani, Ricky Husaini, and Sandeep Shetty, NorthLadder is a trade-in platform for pre-owned electronics with an automated assessment journey and home pickups.
• The funding will fuel NorthLadder's global expansion efforts and the development of its state-of-the-art trade-in platform. 
• NorthLadder has recently established its European operations in Amsterdam and is poised to launch trade-ins with key partners further across Europe.

Press release:

tali ventures, stc Group’s corporate venture capital arm, and NorthLadder, a leading device trade-in platform in over 10 countries, have announced the successful completion of a $10 million Series B investment round. Series B funding is a stage in the funding process and typically occurs after a company has successfully proven its business model and growth potential. The investment was led by stc Group’s corporate venture capital arm, tali ventures, with additional funds from Dutch Founders Fund and Crescent Ventures. stc Group is a leading digital enabler, and this investment demonstrates the Group’s commitment to fostering a vibrant entrepreneurial ecosystem across its operating markets and supporting a more sustainable future. 

Over the past 18 months, NorthLadder has emerged as the leading trade-in player in over 10 countries, serving major telecom companies, retailers, e-commerce players, and Original Equipment Manufacturers (OEMs). The company has introduced a variety of service offerings, including some industry firsts, delivering exceptional value to both customers and retail partners. 

The funding will primarily fuel NorthLadder's global expansion efforts and the continued development of its state-of-the-art trade-in platform. NorthLadder has recently established its European operations in Amsterdam and is poised to launch trade-ins with key partners further across Europe.

tali ventures, the corporate venture capital arm of stc Group, focuses on strategic investments in high-growth companies from early to late-stage. The launch of tali ventures earlier this year was another milestone in the group’s commitment to driving digital transformation and sustainable growth. NorthLadder has been instrumental in stc Group’s trade-in journey, rapidly evolving to becoming the region’s leading trade-in player within just 18 months. NorthLadder boasts an exceptional management team, cutting-edge technology, and an innovative business model. 

Majed I. Aljarboua, Corporate Fund and Entrepreneurship GM at stc, said, “This investment aligns with tali ventures and stc Group’s shared goal of propelling technological advancement and nurturing start-ups to shape the future of technology and society. NorthLadder’s commitment to circularity perfectly complements our vision of a more sustainable world, where the protection of both community and planet is not a byproduct but a core mission.”

Laurens Groenendijk, Founding Partner of Dutch Founder’s Fund, and the entrepreneur behind successful ventures such as Just-Eat, Treatwell, Miinto, and nano-satellite challenger Hiber, commented: “NorthLadder represents a game-changing approach to the resale of pre-owned electronics, combining innovation with a deep understanding of customer needs. As an investor, I see NorthLadder as a company poised for remarkable growth, with its commitment to transparency, trust, and sustainability at the core of its success. By providing a secure platform that maximises value for users, NorthLadder is not only transforming the resale market but also playing a critical role in the shift towards a more circular economy.”.NorthLadder co-founder and CEO, Sandeep Shetty, who previously served as the Managing Director of Careem’s Ride-Hailing business (acquired by Uber in 2019 for $3.1 billion), is optimistic about the impact of the latest funding round for NorthLadder. He stated, “We are excited to bring a disruptive, world-class product that supports the circularity goals of our partners. Device trade-ins is a global business, and our objective is to provide a world-class platform offering the best residual values worldwide through our unique auction system.”

Mihin Shah, co-founder and COO of NorthLadder, commented on the recent investment, “This investment is a testament to the confidence in our advanced technology and operational capabilities for preowned electronic devices, paving the way for our global expansion.  We have a truly outstanding team ready to support our partners across multiple regions in mobile and other electronic device trade-ins.”

Over the next five years, the pre-owned smartphone market is expected to grow three times faster than the new smartphone market. With its comprehensive and unique offerings, NorthLadder is well-positioned to meet this demand. The new investment underscores the company’s potential to expand its business model on a global scale.