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North Ladder, a UAE start-up specialising in second-hand luxury items has secured $5 million from investors led by Dubai-based venture capital firm BECO Capital.
The new investment, raised during a Series A funding round, will be used to scale up the company’s technology platform, improve customer experience and expand its business, the firm said in a statement on Monday.
The homegrown start-up operates a trading platform where customers can sell used luxury goods, including phones laptops, tablets, watches and cars. It also offers a unique option for sellers to buy back an item within a few months.
Since its launch in 2018, when it first branded itself as “BuyBacck Bazaar”, the platform has recorded more than 15,000 transactions in the UAE, with at least 85 different nationalities served.
The company said it is looking to establish its presence in Saudi Arabia and the United States and scale up its platform “significantly” in the next 18 to 24 months.
“North Ladder has demonstrated tremendous success with its unique model of helping customers access immediate funds against their asset. The provision of a seamless and trusted digital platform for the sale of pre-owned goods has immense socially transformative potential at a global scale,” said Dany Farha, CEO and managing partner at BECO Capital.
North Ladder has been named one of the top five innovative start-ups in the Middle East and North Africa region by Village Capital, a PayPal-backed accelerator.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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