$18M Series B Fundraise for a Consumer App

Middle East & North Africa
CrossBoundary Advisory
ICT & the Digital Economy
Market: Iraq, Lebanon
Supporting a leading on-demand consumer app in its Series B fundraising round and expansion strategy
Capital raising
Fundraising support
Market research/analysis

About the Client

Toters is a leading on-demand marketplace, food delivery and grocery application, and courier service provider operating in Lebanon and Iraq. The company was looking to raise a US$10-15M Series B round to finance its expansion in Iraq and expand its online grocery vertical.


CrossBoundary Advisory was enlisted to assist Toters in its Series B fundraising round. The engagement encompassed a comprehensive valuation exercise for the company, market sizing analysis, and utilization of data analytics to pinpoint high-potential expansion locations in Lebanon and Iraq. Additionally, CrossBoundary provided expert assistance during the investor outreach and negotiation phases. This engagement was executed through USAID’s Lebanon Trade & Investment Facilitation Activity.


CrossBoundary Advisory employed a multi-dimensional approach, leveraging both desktop research and expert interviews to provide a comprehensive understanding of the market dynamics and investment climate:

Macro-Research: Conducted desktop research to explore Iraq’s key investment attributes, providing a macro view of the investment environment.

Industry Expert Interviews: Interviewed industry experts to gather insights into key metrics of the food delivery and online grocery sectors as well as general consumer behavioral trends in the MENA region.

Valuation Benchmarking: Conducted desktop research to benchmark Toters’ valuation against similar public transactions, offering a competitive market-based valuation.

Heat Maps: Created heat maps that displayed Iraq’s population density by neighborhood, enriching the market analysis.

Real-Estate Data: Interviewed industry experts to collect real-estate data for different neighborhoods in Iraq. This data was integrated into heat maps to provide a demographic breakdown.

Data Analytics: Used data analytics capabilities to integrate the gathered demographic data into the heat maps, providing a multi-layered view of market opportunities.

Investor Outreach: Made investor introductions and supported the due diligence conversations and term sheet negotiations, ensuring a seamless and effective capital-raising process.

Through this multi-faceted approach, CrossBoundary Advisory was able to provide Toters with the necessary insights and introductions, successfully aiding them in their Series B fundraising round and expansion efforts.


Helped Toters to successfully raise US$18M in Series B financing, with the round led by the IFC – it’s first ever technology investment in Lebanon

Produced high-level macro-analysis of the Iraq market, valuation analysis using comps data, market sizing analysis of the food delivery and online grocery industries in MENA

Produced a list of priority cities for expansion in Iraq by consolidating population density and demographic data at a neighborhood level