Pre-owned luxury goods platform North Ladder raises $5m to boost expansion
The UAE-based company, previously known as BuyBack Bazaar, aims to enter Saudi Arabia and the US this year
North Ladder, the UAE-based platform selling pre-owned luxury goods, raised $5 million in a Series A round to scale up its business and fuel its expansion across the region.
The fundraising, which was led by venture capital firm Beco Capital, will help the start-up expand its operations in Saudi Arabia and the US this year, the company said in a statement on Monday.
The latest investment will be used to improve customer experience, fuel geographic expansion and to scale the platform “significantly in the next 18 to 24 months”, it added.
North Ladder has demonstrated “tremendous success” with its model of helping customers access immediate funds against their assets, Dany Farha, Beco Capital’s chief executive and managing partner, said.
“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,” he added.
North Ladder is among a handful of e-commerce marketplaces for used luxury goods that have raised funding. Last year, Huda Beauty Investments – the investment arm of cosmetics firm Huda Beauty – completed an $11m round along with VC firm MEVP in another pre-owned luxury goods e-commerce site The Luxury Closet.
North Ladder, which was previously called BuyBack Bazaar, allows users to sell electronics such as phones, laptops, tablets and smart watches, as well as luxury items including watches and cars, with an option to buy them back within a few months. It provides access to verified buyers of second-hand goods and instant cash.
Founded in 2018, it has witnessed over 15,000 transactions in the UAE and has served customers of more than 85 nationalities.
A partnership with Dubai-based Beco Capital gives the start-up an opportunity to scale operations in the UAE and expand to other strategic markets, with the “mission of meaningfully impacting people across all strata of society”, Sandeep Shetty, chief executive and co-founder of North Ladder, said.
“Our global auction brings professional buyers from around the world to compete and provide local customers with the best prices and no hidden surprises,” he added.
Updated: February 22, 2021 02:00 PM