Bahrain’s Calo nabs $13 mn; UAE’s Cavendish Maxwell buys proptech firm

Bahrain-based foodtech startup Calo has raised a $13 million pre-Series A round led by Nuwa Capital and STV. Other investors participating in the round include Khwarizmi Ventures, Al Faisaliah Group and AlRajhi Family Office.

This brings Calo’s total investment to date to $26.5 million after raising its seed round last year.

Founded in 2019 by Ahmed AlRawi and Moayed Almoayed, Calo serves personalised meal subscriptions.

The new funds will be used to double down on the GCC market where it currently operates in Saudi Arabia, Bahrain, the UAE, and Kuwait. It will also look to serve new categories, and explore opportunities for regional and international expansion.

This comes after the company expanded to two additional countries and six new cities this year, including Dammam and Jeddah in Saudi, as well as the UAE and Kuwait.

Cavendish Maxwell

Cavendish Maxwell, a UAE-based real estate advisory firm, has acquired a majority stake in proptech company Property Monitor for an unknown sum.

Established in 2008 by Jay Grant, Cavendish Maxwell is a real estate advisory and property valuation firm. Property Monitor, founded in 2017, says it offers services that allow clients in the real estate ecosystem to make better and faster decisions through data-driven insights.

Cavendish Maxwell said this acquisition marks its first move to set up “a real estate innovation hub aimed at bridging the gap between traditional expertise and artificial intelligence (AI)-enabled disruptive solutions.”

As part of the investment deal, Henri Bacha, Property Monitor’s CEO will take on new responsibilities within Cavendish Maxwell as Group Chief Commercial Officer, whilst maintaining his current role with Property Monitor. Property Monitor’s COO, Zhann Jochinke, will also see his responsibilities increase as he assumes the position of Director of Market Intelligence & Research within the Group.