Calo Secures $25 Million in Series B Funding and Plans Saudi IPO in 2027
Deal News | Dec 31, 2024 | Zawya
Calo, a Riyadh-based direct-to-consumer (D2C) food tech company, has secured SAR 94 million ($25 million) in its Series B funding round. Founded in Bahrain in 2019, Calo offers personalized meal subscriptions in Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait, targeting health-conscious consumers. Led by Nuwa Capital, this funding round includes participation from STV, Khwarizmi Ventures, and regional family offices. The new capital will support Calo's growth in the GCC region, enhancing its use of AI for personalization and the introduction of new products. The company plans to hire strategic leadership to guide its expansion and initial public offering (IPO) in Saudi Arabia by 2027. Calo's expansion will continue with an additional $25 million raise planned for early 2025, aiming to cement its leadership in meal subscriptions.
Sectors
- Food Technology
- Venture Capital
- Consumer Services
Geography
- Saudi Arabia – Calo is headquartered in Riyadh, Saudi Arabia, with plans for an IPO in the country by 2027.
- Bahrain – Calo was founded in Bahrain and continues to have operations in the region.
- GCC – Calo operates in several GCC countries including Saudi Arabia, UAE, Bahrain, Qatar, and Kuwait.
Industry
- Food Technology – Calo operates within the food technology industry by offering personalized meal subscription services using direct-to-consumer channels.
- Venture Capital – The article discusses a Series B funding round led by venture capital firms such as Nuwa Capital, STV, and Khwarizmi Ventures.
- Consumer Services – Calo provides services directly to consumers, particularly targeting health-conscious individuals in the GCC region.
Financials
- SAR 94 million ($25 million) – Amount raised by Calo in its Series B funding round.
- $50 million – Total target amount for the extended fundraising round, including the planned additional $25 million in Q1 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Calo | Target Company | Company | A direct-to-consumer food tech company providing personalized meal subscription services in the GCC region. |
| Nuwa Capital | Lead Investor | Company | A venture capital firm that led Calo's Series B funding round. |
| STV | Investor | Company | Participated in Calo's Series B funding round. |
| Khwarizmi Ventures | Investor | Company | Participated in Calo's Series B funding round. |
| Ahmed Alraw | Founder | Person | Co-founded Calo in 2019. |
| Moayed Almoayed | Founder | Person | Co-founded Calo in 2019. |
| Ahmed Al Rawi | Founder and CEO | Person | Current CEO of Calo, providing leadership and vision for the company's expansion and IPO plans. |