Funding Alert

Calo the Bahrain-based foodtech startup has raised $13M in pre-Series A funding

• ByStartupStory     |    December 7, 2022

FoodTech startup Calo has raised $13M in its Pre-Series A round. The funding round was led by Nuwa Capital and STV. Calo’s most recent funding round also included the participation of Khwarizmi Ventures, Al Faisaliah Group, AlRajhi Family Office, and other investors. Calo was launched in November 2019 as a foodtech startup to provide D2C services and personalized meal subscriptions to a growing base of health-conscious customers. The total investment in Calo is now $26.5M after the completion of the latest funding round. 

The VC ecosystem in Bahrain has been growing steadily for the last couple of years. Last year, the country registered a YoY growth of 217% to cross the $50M mark for the first time. This year, a Mega Deal ($100M+) recorded by cryptocurrency platform Rain put the ecosystem on the VC map as Bahrain made it to the list of top geographies of MENA. With sizable rounds being closed by Eat and now the $13M round closed by Calo, the VC space seems to be on an upwards trajectory as investors turn their attention toward the region. 

Calo’s uses a vertically integrated model that allows the company to serve its customers a high-quality personalized experience while maintaining healthy margins, making the company’s business units very profitable. Nitin Reen, the partner at Nuwa Capital, said,  “The team at Calo has mastered the ability to hone the fundamentals while continuing to innovate within the realm of FoodTech.  However, what truly makes Calo special is that they maintain an unrelenting focus on their customers in their journey to a healthy lifestyle.  We have a strong belief in the founders and their traction and ability to recruit a very special team, in such a short time, which is a testament to their capabilities and vision. We are very excited to partner with Calo in their next chapter of growth and have every confidence that the team  will continue to succeed.”

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