Food delivery service Calo scores $39M in Series B extension as it sets eyes on the UK

Healthy meal delivery startup Calo has raised $39 million in an extension to its Series B round. Aljazira Capital led the investment, which follows a $25 million raise in December and includes investors Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group.

The Bahrain-based company delivers customized meal plans across Gulf countries and will now look to expand into the U.K. market. It is also pursuing physical retail opportunities.

Founder Ahmed Al Rawi said Calo achieved nearly 100% revenue growth in the past year, with 10 million meals shipped in 2023. This year’s delivery growth is tracking with revenue.

In addition to U.K. competition, Calo is seeking to acquire other meal-kit companies globally and extend its retail network, including a partnership with Saudi Arabia’s Armah Sports Company.