Middle Eastern food delivery company Calo announced Tuesday it has secured $39 million in a Series B extension round led by Aljazira Capital. The raise exceeds its initial $25 million round in December by more than 50% and included existing investors such as Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group.
The startup plans to use the new capital to enter the U.K. market and develop physical partnerships, including retail spaces. Calo specializes in ready-to-eat meals designed to align with various health goals, delivering them to customers who can heat them later.
Founder Ahmed Al Rawi told TechCrunch the company’s revenue nearly doubled over the past year. In 2023, Calo delivered more than 10 million meals across Saudi Arabia, the UAE, Kuwait, Qatar, and Bahrain. Delivery growth this year is keeping pace with revenue gains.
The U.K. launch will pit Calo against established services like Just Eat, Deliveroo, and meal-box providers Gousto and Wicked Kitchen. The company is also exploring acquisitions of meal-kit firms globally and expanding its retail footprint, including kiosks. A new partnership with Saudi Arabia’s Armah Sports Company will bundle Calo meals with gym memberships.
