Saudi-headquartered foodtech startup Calo has raised $25 million in a Series B round led by Nuwa Capital, with participation from STV and Khwarizmi Ventures, along with some regional family offices, it announced in a statement today. All three VCs are returning investors. The round values the company at $250 million, according to multiple sources who spoke with TechCrunch.
Founded in late 2019 by Ahmed Alrawi, who was later joined by Moayed Almoayed as co-founder, Calo is a full-stack meal subscription startup with its own kitchens and logistics. The startup that offers its services in Saudi Arabia, United Arab Emirates, Bahrain, Qatar, and Kuwait, allows users to create customized meal plans on its app, and receive heat-and-eat meals at their doorstep.
According to its website, a plan with breakfast, lunch, dinner, and a snack, for 24 days a month, in Saudi, costs about $700 per month.
The startup in its statement claimed that it is the fastest-growing meal subscription service in the world, growing at a CAGR of 100% over the last five years. The statement also noted that Calo’s annualized revenue is over $100 million. Calo, which started in Bahrain, delivered 10 million “personalized meals” in 2024.
Ahmed Al Rawi, Founder & CEO of Calo, said, “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. 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 1,” he added.
Khaled Talhouni, Managing Partner at Nuwa Capital, said, “Calo is reimagining how the world adopts healthy lifestyles by being customer obsessed and creating products that truly solve the problem. At Nuwa, we are excited to return as investors due to our 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.”
The startup plans to use the latest funds to further strengthen its position as the leader of the meal subscription space in the GCC region. It also plans to continue its expansion into adjacent business lines including retail, and go international by closing the acquisition of a UK-based company in the first quarter of 2025.
Calo plans to raise another $25 million as part of Series B extension, after oversubscription of the original round.
