Riyadh-based foodtech startup Calo raised USD 39 mn in a Series B extension round, bringing its total Series B funding to USD 64 mn and surpassing its initial target of USD 50 mn, according to a press release. The extension was led by Aljazira Capital, with participation from recurring investors STV, Nuwa Capital, Khwarizmi Ventures, and Al Faisaliah Group, with Oraseya Capital jumping on the bandwagon.

Where will the funds go? Calo plans to use the fresh funds to expand its product line into retail with long-life snacks and frozen meals for retail shelves, CEO Ahmed Alrawi told Bloomberg. Calo also plans to develop an on-demand delivery service — commercial cooking spaces designed for food delivery, which requires establishing ghost kitchens and a logistics network.

More in the works: Calo is expanding its product offerings by introducing new meal segments for athletes and lifestyle customers and launching a new line of healthy consumer packaged goods. The company is also piloting Calo Black, an AI-powered private chef experience to generate personalized menus.

REMEMBER- The subscription-based meal service provider raised USD 25 mn in its initial, oversubscribed series B funding round, which was led by Nuwa Capital in December 2024. The company’s prior funding includes USD 26 mn from local and regional investors like Nama Ventures, 500 Startups, and Vision Ventures. Calo also plans to pursue a Saudi IPO by 2027.

The year so far: The foodtech startup launched in Oman earlier this year, and expanded into the UK in April by acquiring meal-subscription brands Fresh Fitness Food and Detox Kitchen.

About Calo: Founded in 2019 by Ahmed Al Rawi (LinkedIn) and Moayed Al Moayed (LinkedIn), Calo operates in Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait. The company now operates more than 10 physical locations across the GCC and says it delivered over 10 mn meals across the region in 2024.

Tags: