Riyadh-headquartered meal subscription startup, Calo, has raised $39 million (SAR 146.27 million) in a Series B extension led by AlJazira Capital, bringing its total Series B funding to $64 million (SAR 240 million).
This follows the company’s initial $25 million (SAR 94 million) Series B raise in December 2024, led by Nuwa Capital with participation from STV, Khwarizmi Ventures, and regional family offices.
The initial round was oversubscribed, prompting Calo to plan an additional $25 million raise in Q1 2025, a target it has now surpassed with this latest extension.
Founded in late 2019 by Ahmed Al Rawiand Moayed Almoayed, Calo operates in Saudi Arabia, the UAE, Bahrain, Qatar, Kuwait, and most recently Oman. It has grown into one of the world’s fastest‑growing meal subscription services, delivering over 10 million meals in 2024 and reporting nine‑figure annualised revenues with a five‑year CAGR exceeding 100% (2020–2024).
The Series B extension attracted strong participation from returning backers Nuwa Capital, Al Faisaliah Group, Khwarizmi Ventures, and STV, alongside new investor Oraseya Capital. The funds will accelerate Calo’s international expansion, the rollout of AI-powered personalisation features, and the growth of its physical retail network.
The company recently entered the European market through the acquisition of UK-based Fresh Fitness Food and Detox Kitchen, both now integrated into Calo’s technology and operations.
The funding will support the launch of Calo Black, an AI-powered private chef experience that uses large language models to capture nuanced customer preferences and generate personalised daily menus. Calo is embedding AI across its platform to enhance efficiency and personalisation, while expanding its product range with athlete-focused macro plans, premium “Chef’s Picks” meals, expanded clean-eating options, on-demand delivery, and a forthcoming line of healthy CPG products.
“We are excited to lead Calo’s Series B extension and support Calo in their business ambitions,” said Rawan AlRasheed, Lead Manager – Impact Lab at AlJazira Capital. “Calo is a homegrown Saudi company with global ambition, combining brand, technology, and operational excellence.”
Ahmed Al Rawi, co-founder & CEO of Calo, added: “We’re living in an interesting time where AI is transforming our lives, and we’re excited to explore how Calo can use AI to shape the future of healthy eating. Being vertically integrated with the mission of Making Healthy Easy gives us the edge to scale world-class experiences globally.”
Calo now operates more than 10 physical locations across the GCC, including hospital-based outlets, and has launched in Oman with a 5,000-strong waitlist. A recent partnership with premium gym operator Armah Sports Company opens opportunities for co-located retail outlets and wellness collaborations. An IPO is touted for 2027.
