North Ladder, a UAE-based trading platform for pre-owned luxury items, has secured $5 million in a Series A funding round led by venture capital firm BECO Capital.
The startup said in a statement it will use the capital to scale its technology platform and expand its operations to Saudi Arabia and the US over the next 18 to 24 months.
North Ladder was founded in 2018 by Pishu Ganglani and Ricky Hussaini. Earlier called BuyBack Bazaar, the startup recently appointed Sandeep Shetty as its co-founder and chief executive officer.
Shetty was previously managing director of the core ride hailing business at Careem. Before Careem, Shetty worked as a senior executive at Emirates NBD, McKinsey & Company and GE Capital across the US, India and the Middle East.
North Ladder lets users sell pre-owned luxury items like cars and watches and electronic gadgets like laptops, phones and tablets. It also gives users the option of buying the items back within a few months.
The startup says the number of users on its platform grew rapidly last year. It says it has completed more than 15,000 transactions in the UAE and has catered to people of 85 nationalities.
BECO Capital is a UAE-based early-stage venture capital firm. It usually takes part in seed or Series A funding rounds for startups based in Gulf countries, Egypt, Jordan and Lebanon.
The VC firm has previously invested in Careem, which was acquired by US-based ride-hailing giant Uber in 2019. Its portfolio also includes companies such as Duplays, Bayzat, Swwl, SellAnyCar.com, Ajar, Laimoon, Kitopi and Myki.
Meanwhile, the UAE-based Tarabut Gateway, a fintech startup that specialises in open banking services, has raised $13 million in seed funding.
This is reportedly the largest fintech seed round ever in the MENA region.
German venture capital firm Target Global led the new investment. Other investors were Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Tarabut will use these funds to expand geographically. It currently operates out of Abu Dhabi and Dubai in the UAE, Manama in Bahrain and London in the UK.