Calo Raises US$39 Million Series B Extension To Boost Growth

Calo, the Bahrain-born, Saudi-headquartered foodtech startup, closed a US$39 million Series B extension led by AlJazira Capital, the investment arm of Bank AlJazira and a brokerage and asset management firm in the Kingdom.  

The oversubscribed round brings Calo's total Series B funding to $64 million, following a $25 million raise in 2024 led by Nuwa Capital. Returning investors—including STV, Khwarizmi Ventures, Al Faisaliah Group, and Nuwa Capital—joined the extension, alongside new participant Oraseya Capital. 

Launched by Ahmed AlRawi and Moayed Al Moayed in Bahrain in 2019, Calo is a direct-to-consumer foodtech startup offering personalized meal plans tailored for health-minded consumers. The company now delivers over 10 million meals annually through as many physical locations across Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait, with its UK operations currently underway, in addition to a pre-launch in Oman.  

In an interview with Inc. Arabia, AlRawi reflected on the strong investor appetite for the startup’s latest raise. “One of the things that we are particularly proud of is that many of our investors have been backing us time and again across rounds. This time as well we’ve seen strong participation from existing investors in our initial tranche as well as this extension round. We’ve built a business with very strong foundations, and have a relentless focus on geo, segment, and model expansion which has delivered consistent growth for our business.” 

He added, “Our investors also like the fact that we have attracted industry-leading talent from our leadership all the way down."

In the first half of 2025, Calo saw year-over-year growth of over 50 percent, fueled by strong performance in key markets including Saudi Arabia, the UAE, and Kuwait. The latest round of funding will continue to fuel Calo’s global expansion and drive its AI-powered personalization efforts. 

In May 2025, Calo made its entry into the European market with the acquisition of two prominent UK meal subscription companies—Fresh Fitness Food and Detox Kitchen. Both have since been integrated into Calo’s tech and operational framework, supporting its broader international expansion plans.  

Reflecting on the company’s European strategy, AlRawi noted the differences between regional and Western markets, highlighting that Calo is leveraging the best of both markets with its strategy. “In Europe, there is demand for healthier food because of the culture and way of life there. On the other hand, the cost of labor is high and can be a barrier to scaling quickly.” 

He added, “That said, our products are much superior than those that exist in Europe and this gives us an advantage, as we build on top of our acquisitions. While all our meals are halal, we tailor our menus to the market based on customer preference.” 

The Calo team. 

In addition to expanding into Europe, in May 2025, Calo entered into a strategic partnership with premium fitness brand Armah Sports Company, paving the way for new collaborations in wellness and retail. As part of the alliance, Armah’s founder, Fahad Alhagbani—who brings with him the experience of leading two companies to initial public offering (IPO)—has joined Calo’s board as an independent member. The partnership will see both companies explore opportunities such as co-located retail spaces, joint promotional campaigns, and wider product distribution across Armah’s gym network. 

Reflecting on the partnership, AlRawi said, “One of the segments that Calo’s meals appeals to is the fitness segment. Our collaboration with Armah ensures that those working out in their facilities are also able to consume the right meals based on their requirements.” 

He also emphasized how tailored nutrition plays a critical role in supporting fitness goals. “The personalization of meals is extremely beneficial for gym-goers, and this partnership helps fitness enthusiasts to achieve their goals. For Calo, our partnership with Armah therefore is a coming together of two well-recognized brands that are focused on building healthy communities,” he added. 

As the foodtech sector continues to evolve, one technology that will play a key role in enhancing its efficiency is artificial intelligence (AI), with AlRawi lauding it as a catalyst for the sector and a key driver of food personalization. “We are in the early days of AI adoption, but this is clearly the right time to experiment with new products that ultimately deliver value to our customers. One of the biggest advantages of large language models (LLMs) today is that they empower brands to get to know customers better. You can really dig deeper and understand certain nuances and preferences that you couldn't have understood in the past standard graphical user interfaces.”  

He added, “Using tools like AI and large language models you can deeply understand what your customer truly wants. Then, focus on building ways to deliver that experience at scale.” 

He highlighted how Calo’s AI-powered private chef experience, Calo Black, already utilizes AI to optimize the customer experience. “For example, if someone does not eat eggs, but they are OK with it in a baked product, a regular interface wouldn’t tell you that,” he explained. “But with a product like Calo Black, which is conversational by design, we are overcoming these barriers, to truly personalize meal experiences. You cannot capture this through a conventional graphical user interface.” 

This, he tells us, is laying the groundwork for a truly personalized consumer experience. “While AI is the enabler, the biggest trend will be personalization of meals at scale. With over ten million meals delivered annually, we have plenty of data and insights to achieve this.”  

Beyond personalization, AlRawi noted that AI’s impact will be just as powerful on the backend, helping to optimize operations and drive efficiency. “We are also embedding AI across user interaction and operational workflows to improve efficiency, scale personalization, and unlock new formats for customer experience,” he said. 

Looking ahead, AlRawi told us that Calo is setting its sights on becoming a global name in health-focused foodtech. “Over the long-term we are focused on our mission of ‘Making Healthy Easy,’ whether you’re in the Middle East, Europe, or elsewhere in the world. We want to be a brand that has scaled from the GCC to the world, while making healthy food affordable and accessible to everybody,” AlRawi shared. 

And as more founders enter the foodtech and wellness space across the region, AlRawi offered one piece of guidance he wishes he had heard early in his journey. “If I could give one piece of advice to someone just starting out in foodtech or wellness, it would be this: obsess over your customer,” he said. 

He told us that to deliver a truly winning product, that obsession means ensuring that customers receive a uniquely personal experience, every single time.  

“Personalization is the name of the game, and that means you should start from the ground up. Using tools like AI and large language models you can deeply understand what your customer truly wants. Then, focus on building ways to deliver that experience at scale. In this space, the ability to tailor your offering to individual needs while keeping it operationally scalable can make all the difference for a brand.” 

Pictured in the lead image is Ahmed AlRawi, co-founder and CEO of Calo. All photos courtesy Calo.