Saudi-based foodtech startup Calo has raised $25 million in Series B funding, signaling its ambition to revolutionize personalized meal subscriptions across the GCC and beyond. The company plans to go public by 2027.
Backed by leading investors such as Nuwa Capital, STV, and Khwarizmi Ventures, the company offers customized meal subscriptions for specialized segments like weight loss, high protein intake, or balanced meals across the Middle East.
“Calo is reimagining how the world adopts healthy lifestyles by being customer-obsessed and creating products that truly solve the problem,” said Khaled Talhouni, Managing Partner at Nuwa Capital. He added that Nuwa is excited to return as investors due to their deep conviction in Ahmed’s vision and Calo’s ability to build a category-leading technology business that has delivered consistent growth across geographies, solving a big overlooked problem.
With its unique blend of cutting-edge technology and a rapidly growing customer base, Calo is positioning itself as a key player in the $500 billion global quick-service restaurant market—an arena that has yet to see a true “healthy” brand rise to the top.
Key Highlights
- Calo raises $25 million in Series B round, led by Nuwa Capital.
- Calo currently operates in Saudi Arabia, UAE, Bahrain, Qatar, and Kuwait.
- Valuation: The Series B round reportedly values the company at $250 million.
- Global growth: Calo delivered over 10 million personalized meals in 2024 and has an annualized revenue exceeding $100 million.
- IPO plans: The startup aims for a Saudi IPO by 2027.
Calo’s growth and ambitious plans
Founded in 2019 in Bahrain by Ahmed Alrawi and Moayed Almoayed, Calo is rapidly establishing itself as a leader in the foodtech sector. Specializing in personalized meal subscriptions, the company offers customers customized meal plans based on their fitness goals and dietary preferences.
Operating across Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait, Calo’s unique approach to meal delivery combines technology and convenience to meet the growing demand for healthy eating.
“It’s been truly a privilege to be ‘making healthy easy’ over the past few years for hundreds of thousands of customers, but it’s still day 1 for us,” said Ahmed Al Rawi, Founder & CEO of Calo. Alrawi further stated, “There’s no reason why we can’t export innovation from the region to the rest of the world. The top 10 food brands globally earn $300 billion a year, none of which are solving the health problem. We bet that in the next 10 years, there will be a healthy brand that climbs to the top 10 list, and we aspire to be that brand.”
The $25 million raised in its Series B funding round will help fuel Calo’s aggressive expansion strategy. The funding round brings Calo’s total raised capital to $51 million, with plans for an additional $25 million raise in Q1 2025.
The food delivery market in the Middle East is expected to reach $11.2 billion by 2030, according to MarkNtel Advisors report.
IPO plans
The world’s fastest-growing meal subscription service Calo has set its sights on a Saudi IPO by 2027 as it scales its operations. Saudi Arabia currently generates 70% of its revenue, with the UAE contributing 15%.
Calo’s use of cutting-edge technology to deliver personalized meals has propelled it to become the world’s fastest-growing meal subscription service, with a 100% compound annual growth rate (CAGR) over the last five years. In 2024, the company delivered over 10 million meals with the average cost of a meal ranging from $7 to $9.
With impressive nine-figure annualized revenues, Calo continues to dominate the healthy meal delivery space. With a remarkable compound annual growth rate (CAGR) exceeding 100% over the past five years (2020-2024), the company is rapidly scaling its operations and cementing its position as a leader in the healthy meal delivery market.
The company is expanding into adjacent business lines, including retail, and has launched five physical locations that are generating seven-figure revenues. By integrating AI for greater meal personalization, Calo is poised to expand its footprint both in the GCC (Gulf Cooperation Council) and globally.
