Riyadh, Saudi Arabia — Calo, a Saudi food-tech startup, has raised $39 million in an extension of its Series B round, bringing total funding to $64 million and exceeding its original $50 million goal. The company disclosed the raise in a statement reported by Bloomberg.

The round was led by Aljazira Capital, with participation from Saudi Technology Ventures (STV), Nuwa Capital, Khwarizmi Ventures, Al Faisaliah Group, and Eurasia Capital. Calo will use the new capital to expand internationally, integrate its recent UK acquisitions—Fresh Fitness Food and Detox Kitchen—and prepare for an IPO by 2027.

AI-Driven Personalization and Global Strategy

Calo offers AI-powered meal subscriptions that tailor nutrition plans to individual preferences and health goals. Founded in 2019 by Ahmed Al Rawai and Moayyad Al Moayyad, the startup already operates in several Gulf countries. Its next goal is to expand globally.

In December 2024, Calo raised $25 million in the first part of its Series B round. That capital helped expand its product line, boost its chef-prepared and athlete-focused offerings, and improve technology-based personalization.

By surpassing its Series B target, Calo has strengthened both its balance sheet and investor support—two critical elements as it scales operations and prepares for public listing. Moreover, this raise highlights the rising influence of Saudi startups in both regional and global food-tech markets.

 

 

THE SAUDI STANDARD’S VIEW: Calo’s $64M Raise Shows Growing Strength of Saudi Food-Tech Sector

Calo’s completion of a $64 million Series B funding round, which exceeded expectations, marks a key step in Saudi Arabia’s push to become a hub for consumer-focused tech ventures.

  • Support from top regional investors, including Aljazira Capital and STV, shows growing confidence in ventures that combine technology with lifestyle and wellness trends—core parts of Vision 2030’s goals for economic diversification.
  • Calo’s AI-based food service model reflects Saudi Arabia’s rising edge in health and food-tech. Its focus on personalization and digital integration positions it to compete globally in a high-growth sector.
  • The company’s recent acquisitions in the UK, along with a clear IPO target for 2027, point to strong planning and global ambition. Calo is moving beyond the regional stage.
  • This round also highlights the strength of Saudi Arabia’s venture capital ecosystem. Startups now have the support to grow from early-stage ideas to international companies ready for the capital markets.

In conclusion, Calo Series B funding is not just a win for one startup—it’s a sign that Saudi Arabia’s tech landscape is maturing. Backed by experienced investors and driven by strategic goals, Calo stands as a flagship example of Vision 2030’s growing innovation economy.

 

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