NorthLadder is a device trade-in platform that has expanded its footprints into more than 10 countries. It has received $10 million in corporate venture capital from the firm tali ventures, who are part of stc Group, as well as participation from Dutch Founders Fund and Crescent Ventures. This investment demonstrates the commitment of stc Group to the nurturing of entrepreneurial growth and sustainability across all of its markets.
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Expanding Operations and Platform Advancements
NorthLadder has rapidly established itself as the player to watch in the trade-in space for the past 18 months. Major telecom providers, retailers, e-commerce players, and OEMs now collaborate with the company. New services the company is unveiling have resulted in high values both to the consumers as well as to its partner ecosystem. This funding shall primarily help the company explore new geographies for business growth and develop advanced trade-in capabilities.
The company has already opened shops in Amsterdam and now takes the partnerships further in the rest of Europe. This marks an excellent step toward the expansion of the market in this respect.
Strategic Position of tali Ventures and Aid
Tali ventures is a new venture launched this year under the stc Group’s overall vision, and invests in high-growth companies from early to late-stage. This supports the Group’s mission in driving digital transformation and sustainable growth. NorthLadder has played an integral role in stc Group’s trade-in programs and has become the leading trade-in player in the region within just 18 months.
This investment comes within the shared visions of tali ventures and stc Group on how to spur technological advancement and nourish start-ups in forming the future of technology and society.
NorthLadder’s focus on circularity aptly completes the vision for a better world-a sustainable world with protection for both community and planet-not an aftereffect but the purpose of a mission.
NorthLadder represents a game-changing approach to the resale of pre-owned electronics. The company combines innovation with deep understanding of customer needs.” Laurens Groenendijk is a Co-founder of Dutch Founders Fund and has founded several other ventures, such as Just-Eat and Treatwell.
Vision and Future Goals
The new company’s growth trajectory bodes well for the likes of NorthLadder Co-founder and CEO Sandeep Shetty, who earlier spearheaded the Ride-Hailing division of Careem that was sold to Uber. “We are very excited to bring a very disruptive, world-class product that supports the circularity goals of our partners,” he said. “It is a global business, but our objective is to build a world-class platform, which offers the best residual values in the world using our unique auction system.”
Mihin Shah, Co-founder and COO, adds, “This investment confirms the confidence in our superior technology and operational capabilities related to pre owned electronic devices. This opens doors for international expansion. We have a fantastic team waiting to take care of partners across a multitude of regions.”
The pre-owned smartphone market is expected to grow three times faster than the new smartphone market over the next five years. NorthLadder’s diversified and exclusive services are uniquely positioned to meet this growth in demand for its global aspirations.
