Calo said Tuesday it raised $39 million in a Series B extension round led by Aljazira Capital, increasing its total Series B funding well beyond the $25 million secured late last year. Existing backers Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group joined the round.
The company specializes in ready-to-heat, health-focused meal plans and intends to enter the U.K. market with this funding. It is also exploring retail partnerships and physical presence through stores and kiosks.
CEO Ahmed Al Rawi said Calo’s revenue nearly doubled last year, delivering more than 10 million meals in Gulf markets. Growth in 2024 deliveries is matching revenue trends.
In the U.K., Calo will compete with Just Eat, Deliveroo, and meal-kit brands like Gousto. The firm also plans global acquisitions and a partnership with Armah Sports Company to combine food services with fitness memberships.
