July 6, 2022 – Beirut: With support from the Lebanon Trade and Investment Facilitation (TIF) activity, funded by the United States Agency for International Development (USAID), Toters – the leading Lebanese marketplace, e-grocery, and delivery app – raised $18 million in equity investment from international and local investors. The TIF activity supported the investment readiness of Toters by providing valuation analysis, facilitating investor outreach, and conducting deep-dive market analysis. This USAID-supported transaction sets the stage for Toters’ growth plans and enables the company to scale operations and expand in local and regional markets.
Toters has been operating Lebanon since 2017 and has provided market-leading e-grocery and marketplace delivery services by pioneering local last-mile delivery capabilities across the country. Recently, Toters expanded their operations into Iraq. “Toters is always on the lookout for growth, and to achieve this, funding is a must. Thanks to USAID’s support, Toters managed to raise $18 million to deliver on our vision of business growth in Lebanon and regionally,” said the company’s Co-Founder and CEO, Tamim Khalfa.
TIF’s Chief of Party Mark Rostal said, “Lebanese enterprises of all sizes are looking for funding opportunities to sustain operations, generate foreign currency, and grow. This has recently become challenging due to Lebanon’s idle banking sector. Through the TIF project, USAID is facilitating much sought finance and investment by tapping into alternative sources of funding, while also building the capacity of local ecosystem actors. We are proud to have worked with a leading startup that employs hundreds of Lebanese people to secure this transaction, and we remain committed to stand by the country’s people and private sector on their journey towards economic recovery and prosperity,” Rostal added.
In addition to sustaining Toters’ operations and increasing sales in both Lebanese and Iraqi markets, the $18 million investment will lead to the creation of hundreds of job opportunities in Lebanon, many of which are high-skilled technology positions. It will also support thousands of micro-, small- and medium-sized enterprises (MSMEs) who realize new sales opportunities through Toters’ delivery services.
About the USAID-funded TIF project:
USAID’s TIF project is designed to enhance economic opportunities in Lebanon by facilitating trade and investment in targeted business sectors, resulting in job creation and increased incomes for Lebanese citizens, with a strong emphasis on exports and enhancing women’s workforce participation.
TIF works towards increasing the exports of Lebanese goods and services, facilitating investment opportunities, and improving the business and investment enabling environment (BIEE) in Lebanon.