Citron: Global Expansion of a Consumer Goods Start-up from the Middle East

In January 2022, Sara Chemmaa, founder and CEO of Citron, a Dubai-based start-up that made distinctive lunchboxes and other carry containers, is reviewing her pitch deck for a Series A investment round. Will her growth story appeal to institutional investors? Will the expansion strategy for her consumer goods company convince funds with an investment remit in tech-based ventures? Founded in 2018, Citron had filled a gap in the market for stylish, leakproof lunchboxes, selling over 20,000 in its first year. Within five years, revenues had multiplied by six, seeing a 44% CAGR. Having attracted a first institutional investor, Sara is cautious about future fundraising. Can Citron scale as rapidly outside the Middle East, fast enough to satisfy later stage investors to raise its Series A? And what would be the best expansion strategy?