NorthLadder, a UAE-based digital trading platform for pre-owned electronics, raised $10 million through a convertible note and supporting venture capital funding to boost growth.
CE-Ventures, a unit of investment company Crescent Enterprises, invested in NorthLadder through the convertible note, while Beco Capital, Venture Souq and Dutch Founders Fund provided venture capital financing, the company said in a statement on Tuesday.
Dubai-based Beco Capital invested $5m in NorthLadder’s previous funding round.
The start-up will use new funds to scale up the company’s technology platform, expand geographically and strengthen its business-to-business partnerships.
“We have always envisioned building NorthLadder into a global business. With this latest round of funding, we plan to further strengthen our talent base and expand our market reach in multiple countries including the UAE and KSA [Saudi Arabia]”, Sandeep Shetty, co-founder and chief executive of NorthLadder, said.
“Affordability, driven by trade-ins, 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 second-hand devices.”
The pre-owned smartphone market is expected to outpace the new smartphone market, growing three times more in the next five years, and NorthLadder is “well equipped to meet this demand”, he said.
“With its new investment, the company shows great potential to expand its model on a global scale,” he said.
The global smartphone market posted positive growth for the first time in four years in 2021, with annual shipments rising 4.5 per cent annually to 1.39 billion units, a study by Counterpoint Research showed.
NorthLadder is a digital trading platform that connects customers looking to sell pre-owned electronics including smartphones, laptops and tablets to a global network of buyers, guaranteeing the most competitive price with no hidden charges.
Since its launch, NorthLadder has served more than 30,000 customers. It operates more than 200 trade-in locations and has a network of more than 500 dealers. The company has also secured partnerships with large electronics retailers and is now the leading device trade-in player in the UAE.
We have always envisioned building NorthLadder into a global business. With this latest round of funding, we plan to further strengthen our talent base and expand our market reach in multiple countries including the UAE and KSA [Saudi Arabia]
Sandeep Shetty,
co-founder and chief executive, NorthLadder
“NorthLadder’s journey has been impressive to date, growing to become the leading trade-in player. And, 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,” Tushar Singhvi, deputy chief executive and head of investments at Crescent Enterprises, said.
“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.”
CE-Ventures, the corporate venture capital arm of Crescent Enterprises, focuses on strategic investments in early-to-late-stage high-growth companies and venture funds globally.
Laurens Groenendijk, founding partner of Dutch Founder’s Fund, who founded Just-Eat, Treatwell, Miinto and nano-satellite challenger Hiber, said NorthLadder is solving a “complex problem by establishing micro-networks in emerging markets on the demand side of the pre-owned electronics market”.
“Although many companies attempted to disrupt this value chain, NorthLadder's approach is ingenious and strengthens the circular economy,” Mr Groenendijk said.
“It is a global business, and we also see considerable potential in European markets.”
Honeymoonish
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MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)
Man of the match Harry Kane
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Killing of Qassem Suleimani
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All or Nothing
Amazon Prime
Four stars
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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4/5 stars
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Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
F1 The Movie
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Director: Joseph Kosinski
Rating: 4/5
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- Nord Anglia International School (Dubai) – Dh85,032
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- Gems Wellington International School – Dubai Branch – Dh58,488
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*Annual tuition fees covering the 2024/2025 academic year
Messi at the Copa America
2007 – lost 3-0 to Brazil in the final
2011 – lost to Uruguay on penalties in the quarter-finals
2015 – lost to Chile on penalties in the final
2016 – lost to Chile on penalties in the final
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Venue Insportz, Dubai, September 16-23
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Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
NO OTHER LAND
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
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- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19
July 29: OTA Gymnasium in Tokyo, Japan
Sep 22-23: LA Convention Centre in Los Angeles, US
Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil
Feb 7-9: Mubadala Arena in Abu Dhabi, UAE
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