Riyadh, Saudi Arabia – November 5, 2024 – tali Ventures, the corporate venture capital arm of stc Group, and NorthLadder, a fast-growing device trade-in platform, have announced the successful completion of a $10 million Series B funding round. The investment, led by tali Ventures, also includes participation from Dutch Founders Fund and Crescent Ventures. This round marks a significant milestone in NorthLadder’s growth journey, accelerating its efforts to expand globally and further enhance its state-of-the-art trade-in platform.
NorthLadder has established itself as a leading trade-in player, operating across more than 10 countries and partnering with telecom companies, retailers, e-commerce platforms, and Original Equipment Manufacturers (OEMs). The platform’s recent expansion into European markets with a new base in Amsterdam signals NorthLadder’s ambitions to deepen its footprint in Europe, with additional trade-in partnerships launching soon.
tali Ventures, launched by stc Group earlier this year, focuses on strategic investments in high-growth tech companies from early to late-stage. The fund’s involvement in NorthLadder underscores stc Group’s commitment to fostering digital transformation and sustainable growth across its operating markets. According to Majed I. Aljarboua, Corporate Fund and Entrepreneurship GM at stc, “This investment aligns with tali Ventures and stc Group’s shared goal of propelling technological advancement and nurturing startups to shape the future of technology and society. NorthLadder’s commitment to circularity perfectly complements our vision of a more sustainable world, where the protection of both community and planet is not a byproduct but a core mission.”
Laurens Groenendijk, Founding Partner of Dutch Founders Fund and serial entrepreneur, praised NorthLadder’s unique approach to the resale of pre-owned electronics. “NorthLadder represents a game-changing approach, combining innovation with a deep understanding of customer needs. The platform’s transparency, trust, and commitment to sustainability are redefining the resale market and playing a critical role in the shift towards a circular economy.”
Co-founded by CEO Sandeep Shetty, former Managing Director of Careem’s Ride-Hailing business, NorthLadder has seen rapid growth and adoption in its short history. Shetty emphasized the impact of the new funding round: “We are excited to bring a disruptive, world-class product that supports the circularity goals of our partners. Device trade-ins are a global business, and our objective is to provide the best residual values worldwide through our unique auction system.” Co-founder and COO Mihin Shah added, “This investment is a testament to the confidence in our technology and operational expertise, paving the way for our global expansion and enabling us to support our partners across multiple regions.”
With the global pre-owned smartphone market expected to grow three times faster than the new smartphone market over the next five years, NorthLadder’s cutting-edge platform is well-positioned to meet this rising demand. The Series B investment will support NorthLadder’s mission to redefine the trade-in ecosystem globally, focusing on value, trust, and sustainability.
