Direct-to-consumer (D2C) foodtech Calo has raised SAR 94 million ($25 million) in its Series B funding round, according to a press release.
The fundraising transaction was led by Nuwa Capital, with participation from STV and Khwarizmi Ventures, along with regional family offices.
Headquartered in Riyadh, Calo provides personalised meal subscriptions to a growing base of health-conscious customers.
Founded in Bahrain in 2019 by Ahmed Alraw and Moayed Almoayed, Calo currently operates in Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait.
Investor confidence has led Calo to extend the round to a total of $50 million, with an additional $25 million raise planned for the first quarter (Q1) of 2025.
Following its Series B round, Calo will invest in anchoring its position as the leader of meal subscriptions in the GCC region with further personalisation through AI and the introduction of new products.
The company will also hire strategic leadership roles to lead the business through this accelerated expansion phase and initial public offering (IPO) journey planned for 2027 in Saudi Arabia.
Ahmed Al Rawi, Founder and CEO of Calo, commented: “There is 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.”
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