Country Manager Portfolio · Turkey · Baltics · Sub-Saharan Africa · Channel Partnerships · April 2026
IAB AdEx 2024Statista DMO 2024PwC Africa E&M 2025–29Ipsos MENA est.
$20.8M
Portfolio demand run rate
Turkey $4.0M · Channel $16.4M · NA $0.5M
$22.7M
Combined forecast 2026
Turkey $4.2M · Channel $18M · NA+SSA $0.5M
91.5%
Portfolio attainment
$1.9M gap — concentrated in Cyprus
~$7.7B
Total display TAM
0.27% blended capture rate
$64.6M
Base case 2030 (demand)
2.8× from $22.7M forecast · +30% CAGR
Demand (advertiser spend)
Channels
Run rate$16.4M
Forecast$18M
Opp plan$19M
Turkey
Run rate$4.0M
Forecast$4.2M
Opp plan$4.7M
Sub-Saharan Africa + Baltics
Run rate—
Forecast$0.5M
Opp plan—
Total
Run rate$20.4M
Forecast$22.7M
Opp plan$23.5M
Supply (publisher revenue)
Channels
Opp plan$3.4M
w/ Explore More$3.2M
w/o Explore More$2.2M
Turkey
Opp plan$1.6M
w/ Explore More$1.4M
w/o Explore More$1.0M
Total
Opp plan$5.0M
w/ Explore More$4.6M
w/o Explore More$3.2M
Explore More dependency
Supply-side revenue varies significantly based on Explore More (EM) product decisions. $1.4M gap between with/without Explore More scenarios on channels alone warrants early clarity on product allocation.
Portfolio structure — 2026 run rate
2026 run rate by market ($M) — demand
Base case revenue 2026–2030 — direct vs. channel ($M)
Direct
Channel
Display TAM vs. 2026 run rate — scale of opportunity (log scale)
Direct markets — combined target $4.7M · 92.4% attainment
Direct Full country manager ownership · ordered by display TAM
1🇹🇷 Turkey
türkiye
€2,359M
+18.3% real +49.5% nominal
IAB AdEx 2024
2🌍 Sub-Saharan Africa
south africa · nigeria · kenya
~$979M
ZA +6.2% · NG +11.2% KE CAGR 16%
Statista 2024PwC 2025–29
3🇱🇹 🇱🇻 🇪🇪 🇧🇬 Baltics & Bulgaria
lithuania · latvia · estonia · bulgaria
€192M
LT +15.6% · BG +13.2% LV +4.5% · EE +4.2%
IAB AdEx 2024
Direct total
€2,551M + ~$979M ≈ $3.7B
Channel partnerships Managed via partner agreements · grouped by region · ordered by display TAM
1🌐 Central & Southern Europe
czech republic · hungary · greece · romania · cyprus
~$1,631M €1,468M + ~$45M
CZ +17.0% · RO +14.7% GR +14.3% · HU +9.4% CY +33.7%
IAB AdEx 2024Statista 2024
2🌍 North Africa & Levant
egypt · morocco · algeria · kuwait · qatar · tunisia · jordan · oman · bahrain
~$1,077M
EG CAGR 9.0% GCC avg. ~8%
Statista 2024Ipsos 2021 + est.
3🌐 Gulf
saudi arabia · united arab emirates
~$860M
KSA CAGR 5.5% UAE CAGR 16.4%
Statista 2024
4🌐 Balkans & Eastern Europe
serbia · slovakia · croatia · slovenia · bosnia & herzegovina · albania · moldova · north macedonia · montenegro
~$327M €227M + ~$82M
RS +18.1% · SK +14.6% HR +11.2% · SI +10.3%
IAB AdEx 2024Statista 2024
Channel partnerships total
~$3,895M
Total portfolio
≈ $7.6B display TAM
Currency & methodology Display TAM figures represent estimated display advertising market size. Capture rate is calculated as Taboola forecast ÷ display TAM and is shown only on the forecast views. IAB Europe AdEx 2024 figures are in constant 2023 EUR; non-IAB markets use USD 2024 estimates. Portfolio totals use 1 EUR = $1.08. Non-IAB display TAM is estimated at 25–30% of total digital ad spend, consistent with IAB's European display average of 25.5%.
Market
Display TAM
TAM CAGR
2026 actual
Att.
2027
2028
2029
2030
Rev. CAGR
Capture 2030
Base — portfolio revenue 2026–2030 ($M)
Direct
Channel
All scenarios — combined portfolio ($M)
Conservative
Base
Aggressive
Methodology: 2026 actual/run-rate values are used as the anchor. Display TAM is based on the latest available IAB AdEx, Statista DMO, PwC Africa E&M and Ipsos/MENA estimates. Each scenario applies a different market penetration uplift on top of underlying display-market growth, then sense-checks 2030 capture rates against current benchmarks such as Greece, Cyprus and UAE.
CAGR means compound annual growth rate: the smoothed annual growth needed to move from the starting value to the ending value. TAM is the estimated total display advertising market. Capture rate is Taboola revenue divided by display TAM. Attainment compares current 2026 run-rate or actuals against the rescaled 2026 target.
Team roadmap — Ground Zero to 2027/28 scale
Ground Zero
Our team until Q2-2026
Current setup before transition
−2.6 HC · 36% leanerFocus: Turkey + Channel
EmirCountry Manager
Direct reports to Emir
BurcuSr Adv SalesIST
BilgeAssoc SalesIST
Ido OffenADV AM Director⚠ Leaving May 21
GorkemSr Pub Manager40% time → UK
Alex O'BrienPub ManagerLDN
Reporting via Ido / functional leads
Yaara MorChannel Biz LeadTLV
Yakup GurelClient Success Lead⚠ Leaving
Alara IctenAdvertiser AMIST
Yogev GeneziaAssoc ADV AMTLV — reserve duty
Gorkem to change reporting line to UK team — 40% of time with Turkey
Ido to leave on 21st of May
Yogev to be in reserve duty between 3rd of May and 18th of June
Phase 1
Transition and Rebuilding
End of May to EOY 2026
Option: add Interim AM AD/TL at 50% capacity
EmirCountry Manager
Direct reports to Emir
GorkemSr Pub ManagerLDN • 40% TL
Interim TL/ADOption50% capacity
BurcuSr Adv SalesIST
BilgeAssoc SalesIST
Yaara MorChannel Biz LeadTLV
Reporting via Gorkem / Interim TL
Alex O'BrienPub ManagerLDN
Alara IctenAdvertiser AMIST
Yogev GeneziaAssoc ADV AMTLV → relocate IST
Inform Yogev — role redundant, relocate IST HR
Inform Alex O — role redundant, relocate IST HR
Define Yaara's re-positioning & relocation HR
Observe SA & Baltics first advertiser onboarding results — set clear KPIs with Fede & Alex to retain an AM role specific to those markets if $500k generated in 2026
Bilge salary review + Lunch Tickets review Now
Larger IST office exploration — aim to close in 6 months Now
Experienced AM TL to support TR & Channels at 50% capacity
Bi-monthly travel: TR sales & AM to learn from peer markets
Agree with HR on matching Istanbul members OTE to market standards by 2027 outside of regional budget — one-time exception to honour market rates
Phase 2
Scale and Expand
2027 to 2028
2027 Outlook • SA & Baltics potential justified
EmirCountry Manager
Direct reports to Emir
Yaara / BFChannel Biz LeadLDN
GorkemSr Pub ManagerLDN ↑ promoted
BurcuAdv DirectorIST ↑ promoted
New HCSr Sales TurkeyIST
New HCSr Sales S.AfricaLDN/IST
Team under directors & leads
Sr Pub ManagerYogev role backfillIST
Alara IctenSenior ADV AMIST ↑ promoted
BackfillSr ADV AMIST
Bilge DeliceAssoc SalesIST
Burcu promoted to Adv Director role assuming success in 2026
Yaara continues to lead Channel or backfill to be hired in London
Yogev's role hired in Istanbul
Alex role hired in Istanbul — Senior Pub Manager for Turkey and Africa
Alara Icten promoted to Senior AM role
Two new headcounts: Istanbul Senior Sales Manager for Turkey; London Senior Sales Manager for South Africa and Baltics
Bulgaria given to Growth team
TR Demand: Add local TRY currency to self-service
TR Growth segment reseller agreement with TDG In discussion
Phase-gated revenue milestones
Revenue trajectory aligned to team phases — base scenario ($M)
Key gating dependencies
Phase 1 KPI delivery is anchored on first advertiser onboarding results in South Africa and Baltics, with a $500k 2026 generation threshold to justify retaining a dedicated AM role. Phase 2 adds Turkey, South Africa and Baltics headcount once the potential is justified, while Bulgaria moves back to Growth and TDG reseller discussions continue as the biggest non-HC accelerator for Turkey demand.
Strategic observations
The real gap is one market
Cyprus $2M
Cyprus alone accounts for virtually the entire $1.9M portfolio gap. At 49.8% attainment against a $3.9M rescaled target, the target appears structurally misaligned with a ~$45M display TAM. A targeted review of Cyprus pipeline is a higher priority than broad portfolio remediation.
Three channel markets are over target
UAE · Greece · Hungary
UAE at 107.5%, Greece at 132.4%, Hungary at 120.5% — all over target on the corrected $18M total. Greece's 3.64% display TAM capture is the benchmark for mature execution. These three should be protected and used as model references for underperforming markets.
Czech Republic is the largest untapped bet
€1.1B TAM · 0.02% capture
Largest display TAM in any channel partner market, lowest capture rate. Aggressive scenario reaches $7.8M by 2030 from $222K today. This is the single highest-leverage investment case — but requires dedicated partner activation, not just incremental effort from the existing team.
Turkey concentration is both strength and risk
~50% of 2030 base
Turkey at $16M base case 2030 is ~50% of total portfolio revenue. IAB-verified 18.3% real CAGR makes it the fastest-growing European market. But single-market concentration at this level means any Turkey macro/regulatory disruption hits the portfolio disproportionately. SSA and North Africa are the structural diversifiers.
SSA and North Africa are the long-term rebalancers
$15.5M aggressive 2030
Combined aggressive 2030: North Africa $11M + SSA $5.8M. From a $720K combined base. Kenya has the fastest internet ad CAGR globally at 16%. Egypt anchors North Africa at ~$507M display TAM. Phase 3 justifies a dedicated South Africa sales hire if Phase 1 KPIs are hit.
The Explore More decision has a $1.4M supply-side impact
$1.4M swing
Supply-side revenue for channels alone varies between $2.2M (without Explore More) and $3.2M (with Explore More) — a $1M gap. Combined with Turkey's $400K Explore More dependency, total supply-side swing is $1.4M. This makes the Explore More product decision one of the highest-value near-term choices, independent of demand performance.
Display TAM capture rate — current position across all markets
Current TAM capture % — Greece and Cyprus benchmark the ceiling; Czech Republic and KSA show the floor
Team OTE — Current Annual / 2026
IO
Ido Offen
Advertising AM Director
Leaving May 21$170,000
BU
Burcu Uner Gul
Senior Adv Sales · IST
Active$102,000
AO
Alex O'Brien
Pub Manager · LDN
Active$100,000
YG
Yogev Genezia
Assoc ADV AM · TLV
Active$91,000
GM
Gorkem Mustu
Sr Pub Manager · LDN → UK
Active$44,000
AI
Alara Icten
Advertiser AM · IST
Active$57,000
BD
Bilge Delice
Associate Sales · IST
Active$23,359
YM
Yaara Mor
Biz Lead Channel · TLV
Active$135,000
Total team OTE$722,359
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