Food delivery service Calo scores $39M in Series B extension as it sets eyes on the UK
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On Tuesday, Calo announced a $39 million Series B extension round led by Aljazira Capital, topping its $25 million raise from December. Investors Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group also participated.
The company provides ready-to-heat meal plans tailored to health and fitness needs and plans to use the funding for U.K. expansion and physical retail partnerships.
CEO Ahmed Al Rawi said revenue nearly doubled over the past year, with more than 10 million meals delivered across the Gulf region. Growth in deliveries this year is matching revenue performance.
Calo’s entry into the U.K. will bring competition from large delivery apps and meal-kit providers. The company is also seeking acquisitions and rolling out a partnership with Armah Sports Company to pair meals with gym access.