Nuwa Capital backs Riyadh-based foodtech Calo: Saudi Arabia-headquartered meal subscription company Calo raised USD 25 mn in an oversubscribed series B funding round led by Emirati VC Nuwa Capital, according to a press release. The round saw participation from STV, Khwarizmi Ventures and some unnamed regional family offices. Calo has previously raised USD 26 mn from local and regional investors including Nama Ventures, 500 startups, and Vision Ventures.

Where the money’s going: Calo will use the funding to grow its footprint in the GCC’s meal-subscription market, with a focus on AI-driven tech and expanding its product range. A portion of the funds will also be used to support its expansion into retail.

Coming up next: IPO, M&A, funding milestones: Calo is gearing up for an “accelerated expansion phase,” with a focus on its planned IPO in Saudi Arabia by 2027. The company is also laying the groundwork for global expansion through mergers and acquisitions, with its first acquisition set for 1Q. Calo also plans to raise an additional USD 25 mn in 1Q 2025 on the back of strong investor demand during this latest round.

About Calo: The foodtech company also operates in the UAE, Bahrain, Qatar and Kuwait. It claims to have delivered over 10 mn meals in 2024, and currently operates five revenue-generating retail brick and mortar stores.

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