Calo Raises $25 Million for Meal Service Expansion

Middle Eastern foodtech startup Calo has successfully raised $25 million in a Series B funding round, led by Nuwa Capital, with returning investors STV and Khwarizmi Ventures, valuing the company at approximately $250 million. Founded in Bahrain in 2019, Calo specializes in personalized meal subscriptions tailored to various dietary needs, already serving 10 million meals this year. The startup is experiencing rapid growth, claiming to be the fastest-growing meal subscription service globally with an annualized revenue exceeding $100 million and a CAGR of over 100% in the past five years. To bolster its expansion, Calo is also in the process of acquiring a food startup in the UK, with plans to increase its global presence next year. Furthermore, the company aims to extend its funding by an additional $25 million by Q1 2025, with aspirations for a Saudi IPO by 2027. Calo's innovative approach focuses on catering to health-conscious consumers seeking custom meal solutions, setting it apart from traditional food delivery services.