Riyadh-based foodtech startup Calo, the Middle East’s largest personalised meal subscription service, has announced raising SAR 94 million ($25 million) in its Series B funding round. The round was led by Nuwa Capital, with participation from STV, Khwarizmi Ventures, and regional family offices. This oversubscribed round underscores strong investor confidence, prompting Calo to extend its Series B to $50 million, with an additional $25 million planned for Q1 2025.
Global Ambitions from Saudi Roots
Founded in late 2019 by Ahmed Alrawi, who was later joined by co-founder Moayed Almoayed, Calo has rapidly grown into the world’s fastest-growing meal subscription service. Recording a nine-figure annualised revenue with over 100% CAGR since its inception, the company aims to position itself as a global leader in healthy eating solutions.
“Being in Saudi, we’re inspired to think big and be ambitious. There’s no reason why we can’t export innovation from the region to the rest of the world,” said Ahmed Alrawi, Founder and CEO of Calo. “We aspire to become one of the top 10 global food brands solving the health problem.”
Solving an Overlooked Problem
Calo’s mission to “make healthy easy” comes at a critical time as obesity and lifestyle-related diseases rise globally. The company offers personalised meal plans tailored to individual fitness goals and dietary preferences, using cutting-edge technology to deliver over 10 million meals in 2024 alone.
Khaled Talhouni, Managing Partner at Nuwa Capital, praised Calo’s innovative approach: “Calo is reimagining how the world adopts healthy lifestyles by being customer-obsessed and creating products that truly solve the problem. We are excited to support Calo in building a category-leading technology business.”
Future Growth and Expansion Plans
With fresh funding, Calo plans to solidify its leadership in the GCC’s meal subscription market, enhancing personalisation through AI and expanding its product offerings. The company has already ventured into retail, launching five physical locations generating seven-figure revenues.
Calo also has ambitious global expansion plans, including mergers and acquisitions, with its first acquisition expected to close in Q1 2025. Additionally, the company is preparing for an IPO in Saudi Arabia by 2027, supported by strategic hires in leadership roles.
Track Record of Success
To date, Calo has raised $26 million from prominent investors, including Vision Ventures, 500 Startups, Savour Ventures, and Nama Ventures. The company operates in Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait, serving hundreds of thousands of customers across the region.
This funding milestone positions Calo to continue reshaping the healthy eating landscape in the Middle East and beyond, leveraging technology and innovation to address the global health crisis.
