Funding Boost: Food Tech Platform Secures $39 Million Series B Extension in Capital Investment
Calo Secures $39 Million Series B Extension for Global Growth and AI Advancements
Middle East-based foodtech startup Calo has announced a $39 million Series B extension round, bringing its total Series B funding to $64 million. The new funds will be instrumental in supporting Calo's global ambitions, particularly its rapid international expansion and advancement of AI-powered personalization technology.
The funds will be used to integrate recently acquired UK-based meal subscription companies Fresh Fitness Food and Detox Kitchen into Calo's operations and technology stack. This move aims to grow Calo's presence in the European market.
In addition to integration, the funding will support ongoing product development. Calo plans to pilot an AI-based private chef service called "Calo Black," which utilises large language models to offer personalized daily meal plans through natural conversation. The company also intends to expand its product portfolio, offering athlete-focused macro nutrition personalization and a new line of healthy consumer packaged goods.
The oversubscribed round was led by AlJazira Capital, with participation from Nuwa Capital, STV, Khwarizmi Ventures, and Al Faisaliah Group. Oraseya Capital joined as a new investor. Rawan AlRasheed, a Lead Manager within the Impact Lab at AlJazira Capital, expressed confidence in Calo's team for a prosperous future.
Calo, founded in late 2019, has delivered over 10 million meals across the GCC and the UK. The company remains based in Riyadh and is on track for a planned IPO in Saudi Arabia by 2027, indicating long-term scaling ambitions. Ahmed Al Rawi, co-founder and CEO of Calo, plans to invest the new capital in cutting-edge innovation.
Calo's AI-powered personalization technology has been a key differentiator, offering customised meal plans based on individual dietary needs and preferences. The company is now testing a service called Calo Black, an AI-based private chef experience, to further enhance this personalization.
[1] https://www.calofood.co/ [2] https://www.freshfitnessfood.com/ [3] https://www.detoxkitchen.co.uk/ [4] https://www.oraseyacapital.com/ [5] https://www.aljaziracapital.com/
The new funds will be employed to incorporate Fresh Fitness Food and Detox Kitchen into Calo's technology stack, aiming to fortify its presence in the European market. Moreover, the investment will facilitate the development of Calo Black, an AI-based personal chef service that leverages artificial intelligence for offering customized daily meal plans through natural conversation.
