Northladder closes $ 10 million investment round led by convertible bonds led by Crescent Ventures

• The already owned global smartphone market is expected to reach $ 65 billion by 2024 in a highly unregulated market

• Northladder, the UAE – based unique digital trading platform for used electronics, plans to better connect buyers and sellers of used electronics worldwide.

Dubai United Arab Emirates: Northladder, the MENA region’s unique digital platform that enables pre-owned electronics trading. Their model offers great value and convenience for consumers to sell their devices, as well as a consistent and reliable offering to buyers on the platform. The company today announced the issuance of a $ 10 million convertible bond in the UAE, led by Al Hilal Ventures Ventures, backed by investment from Capital Pico, Venture Market and Dutch Founders Foundation. BECO Capital has invested $ 5 million in the latest funding round.

Since its launch, Northladder has served more than 30,000 customers and has more than 200 merchant locations and more than 500 merchants in three countries. The company has also forged partnerships with major electronic retailers and is now the leading player in the hardware trade in the UAE. Northladder has created many innovative service offerings, the first of its kind in the world, to deliver significant value to customers and primarily retail partners.

Crescent Ventures, the venture capital platform of Crescent Enterprises, focuses on strategic investments in early- and late-stage high-growth companies and fundraising worldwide. I have invested in different companies in diverse sectors. Commenting on the investment in Northladder, Tushar Singhvi, Executive Vice President and Chief Investment Officer at Crescent Enterprises, said: “Northladder’s journey so far has been impressive as it has grown into a leading player in trading. With the UAE as the global hub, the company is in a unique position to dominate the regional market and capture a significant share of world trade.We look forward to supporting Northladder’s expansion and expansion into other strategic markets, with the overall mission to reduce the technology’s carbon footprint and work towards a more sustainable future. ”

Danny Farha, CEO and managing partner of BECO Capital, said: “Northlader has an exceptional management team with an innovative business model. We are excited to continue working with them to create global business from the region. ”

“Northladder has tried to solve a complex problem by creating small networks in the markets,” says Lorenz Gruendjek, co-founder of Dutch Founders Fund, which previously founded Just Eat, Treatwell, Minto and Hyper nanosatellites. Emerging along with the demand for used electronic market. although

Many companies have tried to disrupt this value chain, but Northladder’s approach promotes a circular economy. It is a global company, considering the great potential in European markets. We are excited to support one of the best teams in the region. ”

The new funds will be used to expand the company’s technology platform, strengthen geographical expansion and strengthen partnerships with various existing institutions and companies. Led by co-founders Sandeep Shetty and Bishu Ganjlani, Northlader strengthened its position when Mehin Shah, co-founder and chief revenue officer, joined last year to lead the core business. Mehen, who previously served as a partner at McKinsey and executive director of supply chain at Landmark Group in 19 countries, brings in-depth operations and supply chain expertise, which are critical to Northladder’s success.

Sandeep Shetty, co-founder and CEO of Northladder, looks forward to experiencing the positive impact of this new round of funding for the company, saying: “We are fortunate to be working with the region’s leading venture capital firms. We have always envisaged building Northladder with this latest round of … Funding We plan to further improve our talent base and expand our reach to our markets in various countries, including the UAE and Saudi Arabia. trade-in-drive is a major intermediary for the sale of new devices and we are excited to support it for our partners through our unique global business model that ensures the best residual value for used equipment. ”

In the next five years, the market for pre-owned smartphones is expected to grow three times faster than the new smartphone market. Northladder, the first platform of its kind, is well equipped to meet this growing demand. The company shows great potential to expand its model on a global scale with its new investments.

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Northladder look

Northladder is a secure, first-of-its-kind trading platform that connects customers who want to sell used electronics to a worldwide network of buyers. The digital platform auctions used electronics such as phones, laptops and tablets, ensuring the most competitive price without any hidden fees.

About Al Hilal Enterprises

Crescent Enterprises is a global company headquartered in the United Arab Emirates. It operates under four platforms: Crescent Development Projects, Crescent Investment Projects, Crescent Startup Ventures, and Crescent Innovative Projects. Its activities span a variety of sectors, including ports and logistics, energy and engineering, food and beverage, and business aviation, in addition to other areas such as private equity, venture capital and business incubation. The company has more than 1,800 employees in 15 countries. With a long-term business and investment framework that embraces corporate governance, inclusive growth and responsible business practices, Crescent Enterprises is a regional leader in the growth of a diversified, profitable, sustainable and scalable global business.

Media contact:

Eliane Shalhoub

global.com-eliane@jwi

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