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- Iran Comes Back Online; Kalshi Surge; Calo UK Shutdown
Iran Comes Back Online; Kalshi Surge; Calo UK Shutdown
Friday, May 29, 2026
Happy Friday everyone!
Iran has started restoring internet access after an 88 day blackout that isolated millions from global communication and reportedly inflicted economic losses estimated near $80 million per day. Meanwhile, prediction market platform Kalshi is reportedly raising another $200 million at a $22 billion valuation as trading activity tied to elections, economics and sports accelerates sharply across the United States. And in the Gulf, Bahraini born meal subscription platform Calo is shutting down its UK operations just 14 months after launch despite previously raising $64 million and signalling ambitions for a potential Saudi IPO by 2027.
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Bahraini-born Calo is shutting down its UK business just 14 months after launch: FWDstart
What Is It About?
Calo is shutting down its UK operations just 14 months after launching in Britain, ending an expansion that included acquiring London meal delivery brands Fresh Fitness Food and Detox Kitchen. New orders will stop by the end of May while deliveries continue through June. Founded in Bahrain during 2019 by Ahmed Al Rawi and Moayed Almoayed, Calo said it is refocusing on GCC markets and new business verticals where demand remains stronger.
Why It Matters?
Calo is shutting down its UK operations just 14 months after launching in Britain, ending an expansion that included acquiring London meal delivery brands Fresh Fitness Food and Detox Kitchen. New orders will stop by the end of May while deliveries continue through June. Founded in Bahrain during 2019 by Ahmed Al Rawi and Moayed Almoayed, Calo said it is refocusing on GCC markets and new business verticals where demand remains stronger.
What’s Next?
Calo continues operating across Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain while signalling a potential Saudi IPO by 2027. Investors will now watch whether the company doubles down on artificial intelligence, logistics and health focused verticals after UK expansion ambitions failed to gain long term traction.
After 88 Days of Censorship and Silence, Iranians Are Coming Back Online
What Is It About?
Iran has begun restoring internet access after what activists described as the longest nationwide shutdown in modern history, reconnecting millions of citizens after 88 days of near-total restrictions. Authorities imposed the blackout after the United States and Israel launched strikes on Iran during February, limiting most citizens to a heavily censored domestic network of state approved websites and applications. The New York Times reported many Iranians were unable to access messaging platforms, international news, streaming services or work related tools during the shutdown.
Why It Matters?
The shutdown reportedly inflicted severe economic and psychological damage across Iran already fragile economy, with estimated business losses reaching roughly $80 million per day. The restrictions also highlighted how governments increasingly view internet infrastructure as a geopolitical and national security tool during wartime or domestic unrest. Activists said privileged elites and officials retained broader access through so called “whitelisted” connections while ordinary citizens remained cut off.
What’s Next?
Internet experts warn connectivity remains unstable and politically contested inside Iran leadership. According to cybersecurity groups, restored traffic currently sits near 41 per cent of pre-shutdown levels.
Lebanese founder Tarek Mansour just raised another $200 million for Kalshi
What Is It About?
Kalshi is reportedly raising another $200 million, extending a funding round that had already secured $1 billion earlier this month, according to Bloomberg. The latest raise reportedly keeps Kalshi valuation near $22 billion while annualised revenue exceeds $1.5 billion. Founded during 2018 by MIT classmates Tarek Mansour and Luana Lopes Lara, Kalshi became the first federally regulated event contracts exchange in America before securing partnerships with Robinhood, Coinbase, CNN, CNBC and Fox.
Why It Matters?
Kalshi explosive growth highlights how prediction markets are rapidly moving from niche internet products into mainstream financial infrastructure. Monthly trading volume reportedly surpassed $14 billion during April, tripling levels recorded last October as users increasingly traded contracts tied to elections, economics and sports outcomes. The surge also reflects growing investor appetite around speculative financial platforms blending trading, media and real world events into highly monetised engagement ecosystems.
What’s Next?
New investors including Baillie Gifford are reportedly joining the latest raise while Layer Global remains in discussions to participate. Rival Polymarket was recently valued near $15 billion after reportedly securing $600 million from ICE, intensifying competition inside the rapidly expanding prediction markets sector.
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