CAIRO: Bahrain-based startup Calo secured $13 million in a pre-series A funding round co-led by venture capital firms Nuwa Capital and STV.
Established in 2019, Calo is a foodtech company that serves personalized meal subscriptions for busy people through its healthy and rotating menu of over 500 options.
Operating in Saudi Arabia, Bahrain, the UAE, and Kuwait, the company plans to utilize its funding to double down on existing markets while exploring opportunities for regional expansion.
Calo has recently announced its expansion into Jeddah and Dammam in Saudi Arabia and other cities in the UAE and Kuwait.
“We’re delivering millions of meals per year and have consistently been quadrupling in growth year over year. We foresee this trend continuing over the next few years as the wellness wave continues to grow,” said Ahmed Alrawi, CEO of Calo, in a press statement.
The company has almost 700 employees worldwide and has raised $26.5 million since its inception.
The funding round saw participation from Khwarizmi Ventures, Al Faisaliah Group, AlRajhi Family Office and other investors.
The Morni show in Egypt
Saudi Arabia-based mobility solutions company Morni has announced a $10 million investment that targets new acquisitions in Egypt’s mobility space.
The company has partnered with acquisition and mergers advisory firm Exists.me with an agreement set to run until 2023.
FASTFACT
Established in 2019, Calo is a foodtech company that serves personalized meal subscriptions for busy people.
“The Egyptian market will be a worthwhile new addition as we start multiple upcoming deals, and will get us closer to our goal to cover 100 million vehicles with our products by 2030,” Shehail Alshehail, managing director of Morni, said in a statement.
Founded in 2015, Morni is a super app for mobility solutions that offer towing and roadside assistance services while providing logistics options for vehicles in emergencies.
The company has over 2 million downloads and 1.2 million customers and has raised $14.7 million in total funding.
Order of the week
Egypt’s B2B marketplace OneOrder last week raised $3 million in a seed funding round led by Nclude after raising $1 million in February 2022.
Launched this year, the company connects restaurants to suppliers by utilizing its proprietary technology to improve the supply chain.
Since its launch, the company has raised $10.5 million in funding with investors like Egypt’s A15.
“We are delighted by the level of adoption and growth we have recorded over the past year, which is a testament to the fact that we are addressing a huge unmet demand in our region,” said Tamer Amer, co-founder and CEO OneOrder.
“Asides from improving efficiency, we are reducing costs and impacting restaurants’ bottom lines by saving them time through operational efficiency and money through improved purchasing power and economies of scale,” he added.
OneOrder has up to 600 stock-keeping units and recently partnered with financial technology provider Paymob.
