According to bank provided information, IFC is considering an equity investment of US$5 million in Toters. The funding will primarily be used to expand the Group’s operations in Iraq.
Toters (or “the Company”) is a leading on-demand application (app) based delivery platform in Lebanon and Iraq. The company was launched in 2017 in Lebanon and offers grocery, food, and convenience product delivery for more than 2,000 partner stores that include restaurants, coffee shops, bakeries, grocery stores, electronic stores, para-pharmacies, and flower shops. Toters’ product lines include: (i) Toters Marketplace offering delivery of a range of food products and goods from partner stores; (ii) Butler: a service that buys, picks up, and delivers goods such as documents and gifts on demand; (iii) Toters Fresh comprising of dark stores (warehouses) that cater to online grocery orders; and (iv) Delivery-as-a-Service (DaaS): a business to business (B2B) add-on service that enables partner stores to deliver goods via Toters’ couriers. Toters operates in rented offices in Lebanon and runs warehouses in both countries. Deliveries are undertaken through couriers, most of them providing their services as independent contractors. While couriers mostly provide their own vehicles, Toters facilitates the outsourcing of bikes for couriers that do not have access to a bike.
Proposed IFC equity investment of up to US$5 million as part of the Series B financing round to fund the Group’s expansion in Iraq.
Founded in 2017, Toters (“TAN (Holding), Sal” or the “Company”) is an on-demand delivery platform operating in Lebanon and Iraq. The Group offers grocery, food, and convenience product delivery from a wide variety of more than 2,000 partner restaurants, coffee shops, bakeries, grocery stores, electronic stores, para-pharmacies, and flower shops, etc. via a Toters’ network consisting of thousands of couriers.
Toters was founded by Tamim Al Khalfah, who currently serves as the CEO, and Nael Halwani, who currently serves as the COO. Existing shareholders in the Company include March Holding, B&Y Venture Partners, and Middle East Venture Partners.
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