News Summary

Middle Eastern food delivery startup Calo has successfully raised $39 million in a Series B extension, led by AlJazira Capital, surpassing its initial $25 million raise. The company aims to utilize this funding to expand into the UK market and explore partnerships in physical spaces. Calo, which offers ready-to-eat meal plans catering to various health goals, has experienced significant growth, doubling its revenue and delivering over 10 million meals last year across Saudi Arabia, the UAE, Kuwait, Qatar, and Bahrain. The startup recently acquired two UK-based meal delivery services, Fresh Fitness Food and Detox Kitchen, and has integrated their operations without any layoffs. Calo plans to upscale technology and branding in these acquisitions. The company is targeting a tenfold increase in UK revenue over the next three years, despite facing competition from established food delivery and meal-box services. Calo is also exploring global expansion opportunities and partnerships, including a collaboration with Armah Sports Company in Saudi Arabia to offer bundled subscriptions.