NorthLadder leads $10mln Series B funding for global expansion
Deal News | Nov 04, 2024 | Zawya
stc Group's corporate venture capital arm, tali ventures, has led a $10 million Series B funding round for NorthLadder, a prominent device trade-in platform operating in over 10 countries. This funding round, which also saw participation from Dutch Founders Fund and Crescent Ventures, marks a significant step in NorthLadder's journey to expand its presence globally. The company is poised to further its initiatives in the burgeoning pre-owned smartphone market, projected to reach $100 billion by 2026. NorthLadder plans to utilize the investment to enhance its state-of-the-art trade-in platform and establish a stronger foothold in Europe, having recently initiated operations in Amsterdam. This strategic move aligns with stc Group's vision of fostering technological advancement and a sustainable future, while NorthLadder continues to lead in service innovation and customer-centric solutions. The investment reinforces the synergy between NorthLadder's commitment to transparency and sustainable practices, and stc Group's mission of nurturing startups toward technological transformation.
Sectors
- Venture Capital
- Telecommunications
- Electronics Resale
Geography
- United Arab Emirates – NorthLadder is headquartered in Dubai, and the announcement was made in UAE.
- Saudi Arabia – Stc Group, whose venture arm is involved in the funding, is based in Saudi Arabia.
- Netherlands – NorthLadder has recently expanded its operations to Amsterdam, the Netherlands.
Industry
- Venture Capital – This industry classification is relevant as the article discusses the Series B funding round, a common venture capital activity.
- Telecommunications – Stc Group, a major participant in the funding, is a telecommunications conglomerate.
- Electronics Resale – NorthLadder operates in the trade-in and resale market for electronic devices.
Financials
- $10 million – The total amount raised in Series B funding for NorthLadder's expansion.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NorthLadder | Target | Company | A leading trade-in platform for electronic devices, planning global expansion. |
| stc Group | Investor | Company | A digital enabler and telecommunications company, providing strategic investments through tali ventures. |
| tali ventures | Investor | Company | The corporate venture capital arm of stc Group, leading the Series B funding round. |
| Dutch Founders Fund | Investor | Company | A venture capital firm participating in NorthLadder's funding. |
| Crescent Ventures | Investor | Company | Another venture capital firm involved in the Series B investment. |
| Sandeep Shetty | CEO | Person | Co-founder and CEO of NorthLadder, previously with Careem. |
| Mihin Shah | COO | Person | Co-founder and COO of NorthLadder. |
| Majed I. Aljarboua | GM of Corporate Fund and Entrepreneurship | Person | An executive at stc, commenting on the alignment of investment with stc's goals. |
| Laurens Groenendijk | Founding Partner | Person | Founding partner of Dutch Founders Fund, investor in NorthLadder. |