Calo, a Middle East-based foodtech startup, announced it has raised a $39 million Series B extension round. AlJazira Capital led the oversubscribed round. This strategic funding round also saw participation from existing investors, including Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group, with Oraseya Capital joining as a new investor.
This brings the company’s total Series B funding to $64 million and total funding to over $90 million. And the investor interest led the round to exceed its initial target, underscoring strong confidence in Calo’s business model and growth trajectory.
Ahmed Al Rawi, co-founder and CEO of Calo, noted that the company plans to invest in cutting-edge innovation to explore how AI can influence the discovery and consumption of healthier foods.
The company is testing a service called Calo Black, which is an AI-based private chef experience that utilizes large language models to understand customer preferences through natural conversation and generate personalized daily menus. And the company is also expanding its offerings with athlete-focused macro personalization and a new line of healthy consumer packaged goods.
Rawan AlRasheed, a Lead Manager within the Impact Lab at AlJazira Capital, pointed out that they are confident in the team’s ability for a prosperous future.
Calo, which was founded in late 2019, has delivered over 10 million meals across the GCC and the UK. And the company remains based in Riyadh and it is on track for a planned IPO in Saudi Arabia by 2027.
How the funding will be used: The company will use the new capital to fuel its rapid international expansion and advance its AI-powered personalization technology. And the new funding will be instrumental in supporting Calo’s global ambitions. For example, the company recently entered the European market by buying two leading UK-based meal subscription brands, Fresh Fitness Food and Detox Kitchen. The funds will be used to integrate these businesses and accelerate growth in this new market.
