Calo, the largest foodtech startup in the Middle East, has announced raising $39 million in its Series B extension round anchored by Saudi Arabia’s Aljazira Capital.
The raise followed an initial $25 million tranche in December 2024, bringing Calo’s total Series B fundraising to $64 million, according to an announcement.
Existing investors Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group returned for the extension, with Oraseya Capital joining the round.
The round was oversubscribed, exceeding the original $50 million target, and will support international expansion and the integration of recent UK acquisitions, the company said.
Founded in Saudi Arabia, Calo provides personalised meal subscriptions and has delivered over 10 million meals in 2024.
The company recently acquired UK-based Fresh Fitness Food and Detox Kitchen, marking its entry into Europe. Both companies are now integrated into Calo’s platform.
“We’re living in an interesting time where AI is transforming our lives, and we’re excited to be investing in cutting-edge innovation to explore how Calo can use AI to influence the future of how we discover and eat healthy food,” said Ahmed Al Rawi, co-founder & CEO of Calo.
Calo reported over 50% year-on-year growth in H1 2025 and now operates more than 10 physical locations across the Gulf Cooperation Council.
It is developing AI-powered features, including Calo Black, a personalised chef experience using large language models.
Calo remains headquartered in Riyadh and is on track for a planned IPO in Saudi Arabia. The company currently operates in the Kingdom of Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, and Kuwait, with UK operations now underway.
The lead investor, Aljazira Capital, is owned by Bank Al Jazira and operates under the regulatory supervision of the Capital Market Authority.
AlJazira Capital’s Rawan AlRasheed said the investment in Calo aligns with Saudi Arabia’s broader health and wellness goals.
