Riyadh-based foodtech startup Calo, renowned for its personalized meal subscription service, has raised $25 million in a Series B funding round led by Nuwa Capital, with participation from STV, Khwarizmi Ventures, and regional family offices. The company plans to extend the round to $50 million by Q1 2025, reflecting investor confidence in its ambitious growth strategy.
Calo, founded in 2019 by Ahmed Alrawi and co-founder Moayed Almoayed, is tackling a significant gap in the global $500 billion quick-service restaurant market, particularly in the underserved “healthy” category. The startup’s innovative approach has made it the world’s fastest-growing meal subscription service, with over 100% annual growth over the past five years and a nine-figure annualized revenue.
Ahmed Alrawi, Founder and CEO of Calo, commented: “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, Calo. “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. The top 10 food brands globally earn $300B 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 having tech & innovation in our DNA from day one.”
Calo has delivered more than 10 million meals in 2024, using advanced technology to create personalized meal plans tailored to customers’ fitness goals and dietary preferences. As lifestyle-related diseases like obesity rise, Calo’s mission is clear: to make healthy eating accessible and easy for all.
With the new funding, Calo aims to solidify its leadership in the GCC region through further personalization via AI, new product launches, and expansion into retail. The company has already opened five physical locations generating seven-figure revenues. Global ambitions are also on the horizon, with Calo planning its first acquisition in Q1 2025 as part of its international expansion strategy.
The company is also preparing for strategic leadership hires and a future IPO in Saudi Arabia, targeted for 2027. With a clear mission and robust support from investors, Calo is set to redefine the foodtech landscape, making healthy living more accessible across the Middle East and beyond.
