Riyadh-based foodtech company Calo, the Middle East’s leading personalized meal subscription service, secured SAR 94 million ($25 million) in its Series B funding round. Led by Nuwa Capital, the round also included STV, Khwarizmi Ventures, and regional family offices. With investor confidence high, Calo plans to extend its Series B funding to $50 million by Q1 2025, doubling its current achievement.
From Saudi Arabia to Global Leadership
Founded in late 2019 by Ahmed Alrawi and later joined by co-founder Moayed Almoayed, Calo has become the world’s fastest-growing meal subscription service. Achieving a nine-figure annual revenue with over 100% CAGR, Calo aims to position itself as a global leader in healthy eating.
“Saudi Arabia inspires us to think big and dream bigger,” said CEO Ahmed Alrawi. “We are determined to export regional innovation globally and become one of the top 10 global food brands addressing health challenges.”
Addressing a Global Health Crisis
Calo’s mission to simplify healthy eating is timely, given the global rise in obesity and lifestyle-related diseases. With personalized meal plans tailored to fitness goals and dietary needs, the company delivered over 10 million meals in 2024 using advanced technology.
Khaled Talhouni, Managing Partner at Nuwa Capital, highlighted Calo’s unique approach, saying, “Calo is revolutionizing healthy living through customer-centric innovation. We are proud to support them in building a category-defining business.”
Expansion Plans and Future Growth
The new funding will strengthen Calo’s leadership in the GCC meal subscription market, expand its AI-driven personalization, and enhance product offerings. Calo has also entered retail with five physical outlets generating seven-figure revenues.
Globally, Calo plans to grow through mergers and acquisitions, with its first deal expected to close in Q1 2025. The company is preparing for a Saudi IPO by 2027, backed by strategic leadership hires.
A Proven Track Record
Calo has raised $26 million so far, supported by top investors like Vision Ventures, 500 Startups, Savour Ventures, and Nama Ventures. Operating across Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait, Calo serves hundreds of thousands of customers, reshaping the healthy eating landscape in the Middle East and beyond.
