by arabnews — RIYADH: Lebanese-based super app Toters raised $15 million in a series B funding round from International Finance Corporation, March Holding, and B&Y Ventures. The company began as a food delivery platform before transforming into a super app that offers several services including payment and financial transactions. Toters will use its newly acquired funds to strengthen its presence in current markets as well as expand its operations in Iraq, according to Wamda.
by restofworld — Amim Khalfa co-founded Toters in 2017. The Beirut-based delivery startup delivers groceries, food, and convenience products for more than 2,000 partner stores, including restaurants, pharmacies, and electronic stores in Lebanon and Iraq. The Syrian-born, Saudi-raised Canadian entrepreneur and former Nortel and Ericsson systems engineer shifted to management consulting in 2011, where he met his co-founder Nael Halwani. This week, Toters raised more than $15 million in series B funding from International Finance Corp. (IFC), March Holding, and BY Venture Partners. It had previously raised over $5 million in two previous rounds.
What made Lebanon the right environment to launch Toters? Why expand to Iraq? We started with Lebanon because it is the leading food and beverage center in the Middle East. Eventually, in Iraq, we also had to cater for and solve for things like cash on delivery, a lack of road infrastructure in some places, also intermittent connectivity, and hyperinflation, in the case of Lebanon. Investors in the past have had risk aversion towards countries that have a challenging macroeconomic and political profile. Eventually, every VC that would look at Toters would be like, “You know what? You guys have world-class economics.”