Page 20 - SAMENA Trends - October-December 2024

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Amsterdam and is poised to launch trade- and planet is not a byproduct but a core class product that supports the circularity
ins with key partners further across Europe. mission.” Laurens Groenendijk, Founding goals of our partners. Device trade-ins is
tali ventures, the corporate venture capital Partner of Dutch Founder’s Fund, and the a global business, and our objective is to
arm of stc Group, focuses on strategic entrepreneur behind successful ventures provide a world-class platform offering the
investments in high-growth companies such as Just-Eat, Treatwell, Miinto, best residual values worldwide through
from early to late-stage. The launch of and nano-satellite challenger Hiber, our unique auction system.” Mihin Shah,
tali ventures earlier this year was another commented: “NorthLadder represents a co-founder and COO of NorthLadder
milestone in the Group’s commitment game-changing approach to the resale commented on the recent investment,
to driving digital transformation and of pre-owned electronics, combining “This investment is a testament to the
sustainable growth. NorthLadder has innovation with a deep understanding confidence in our advanced technology
been instrumental in stc Group’s trade- of customer needs. As an investor, I see and operational capabilities for preowned
in journey, rapidly evolving to becoming NorthLadder as a company poised for electronic devices, paving the way for
the region’s leading trade-in player within remarkable growth, with its commitment our global expansion. We have a truly
just 18 months. NorthLadder boasts an to transparency, trust, and sustainability outstanding team ready to support our
exceptional management team, cutting- at the core of its success. By providing partners across multiple regions in mobile
edge technology, and an innovative a secure platform that maximizes and other electronic device trade-ins.”
business model. Majed I. Aljarboua, value for users, NorthLadder is not only Over the next five years, the pre-owned
Corporate Fund and Entrepreneurship transforming the resale market but also smartphone market is expected to grow
GM at stc, said “This investment aligns playing a critical role in the shift towards three times faster than the new smartphone
with tali ventures and stc Group’s a more circular economy.”. NorthLadder market. With its comprehensive and unique
shared goal of propelling technological co-founder and CEO, Sandeep Shetty, offerings, NorthLadder is well-positioned
advancement, and nurturing start-ups who previously served as the Managing to meet this demand. The new investment
to shape the future of technology and Director of Careem’s Ride-Hailing business underscores the company’s potential to
society. NorthLadder’s commitment (acquired by Uber in 2019 for $3.1 billion), expand its business model on a global
to circularity perfectly complements is optimistic about the impact of the latest scale.
our vision of a more sustainable world, funding round for NorthLadder. He stated
where the protection of both community “We are excited to bring a disruptive, world-

Spain Approves stc Stake Buy in Telefonica

agreed to by the Saudi operator. Cuerpo
stated authorities conducted an exhaustive
analysis on grounds of compliance with
current laws and elements including
protecting national interests. In its own
announcement, stc confirmed it received
approval to increase its voting rights
from 4.97 per cent to 9.97 per cent and
the right to appoint a board member to
Telefonica. The Saudi operator struck the
deal in September 2023 as part of a wider
strategy to increase investments outside
its home market. It stated at the time it
had no intention to attempt to acquire a
majority stake in the Spain-based operator
group. To balance stc’s holding, Spanish
stc Group got a green light from the deal was struck. Spain’s Minister of investment company Society of Industrial
Spanish government to complete a Economy, Trade and Business Carlos Participations (SEPI) set a goal of holding
purchase of an almost 10 per cent stake Cuerpo announced its Council of Ministers a 10 per cent stake in Telefonica, which
in Telefonica and name a member to the signed-off the investment for 9.9 per cent, it hit in May. The move was to ensure
operator’s board, with approval coming with undisclosed conditions attached to the nation’s investment vies with stc as
more than a year after the €2.1 billion protect national interests which have been Telefonica’s largest shareholder.

20 OCT-DEC 2024