Calo Plans IPO and International Expansion Following $50M Series B

Middle Eastern food tech startup Calo has secured $25 million in Series B funding to enhance its personalized ready-to-eat meal delivery service and expand beyond the region. Headquartered in Riyadh, Calo has become the largest startup in the Middle East’s growing food delivery market, which is expected to reach $11.2 billion by 2030. 

The round was led by Nuwa Capital, with contributions from STV, Khwarizmi Ventures, and several regional family offices. The oversubscription showed strong investor confidence in the company’s vision and growth potential.

The Series B round, which values Calo at $250 million, was initially set at $25 million but will now be extended to $50 million. An additional $25 million is planned to be raised in Q1 2025. This funding will enable Calo to diversify its meal offerings and extend its reach, capitalizing on the increasing demand for convenient, time-saving meal options, particularly in the wake of the COVID-19 pandemic.

Founded in late 2019 by Ahmed Alrawi and co-founder Moayed Almoayed, Calo offers a personalized meal subscription service that delivers customized, ready-to-eat meals across Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait. The company provides customers with the flexibility to tailor their meal plans based on specific dietary preferences, such as high protein, low carb, or vegetarian options. 

This personalized approach has allowed Calo to differentiate itself from traditional food delivery services and attract a growing customer base. The startup’s meal plans include breakfast, lunch, dinner, and snacks, with prices varying by region.

Calo’s rapid growth is evident in its impressive performance, having served 10 million personalized meals in 2024 alone. The startup’s business model combines its own kitchen facilities and a logistics infrastructure to ensure timely meal delivery. The company has achieved an annualized revenue exceeding $100 million, with a remarkable compound annual growth rate (CAGR) of over 100% over the past five years. Calo’s commitment to promoting healthier eating habits aligns with rising consumer demand for nutritious and convenient food options.

In addition to expanding its meal offerings, Calo plans to expand its services outside the Middle East and acquire a food startup in the UK next year. The company aims to establish a global footprint, building on its success in the Gulf Cooperation Council (GCC) region. This expansion is part of Calo’s broader vision to address the global health crisis, which has led to a surge in demand for healthier food alternatives.

As it prepares for its next growth phase, Calo has raised $25 million in a Series B funding round led by Nuwa Capital, with support from Khwarizmi Ventures and STV. The oversubscription of the round has raised the total to $50 million, and the company plans to raise another $25 million by Q1 2025. With the additional funding, Calo aims to further enhance its technology, expand its meal customization options, and strengthen its market position. The company is also exploring the possibility of going public in the coming years, with a potential listing in Saudi Arabia.