#Saudi Foodtech Startup Raises $64 Million on Path to 2027 IPO - Bloomberg

Saudi Foodtech Startup Raises $64 Million on Path to 2027 IPO - Bloomberg

Saudi foodtech startup Calo has raised $64 million in Series B funding as the company expands beyond the Middle East and aims for a public listing by 2027.

Calo, specializing in subscription-based meal services, drew capital from investors including Nuwa Capital, Saudi Technology Ventures and AlJazira Capital.

It plans to use the funding to expand offerings to include long life snacks and frozen meals for retail shelves, according to Ahmed Alrawi, founder and chief executive officer.

Calo is also preparing to launch on-demand delivery, which will require building out dark kitchens — commercial cooking spaces designed for food delivery — and potentially its own logistics network, Alrawi said in an interview.

The company expanded into the UK earlier this year after acquiring and integrating meal-subscription brands Fresh Fitness Food and Detox Kitchen. It plans to pursue an IPO in Saudi Arabia by 2027, Alrawi said, without disclosing further details.

Calo’s funding comes as startups in the Middle East draw increasing amounts of venture capital investment, driven by sovereign players and the launch of new funds. Saudi Arabia continues to lead the region, having raised more investment capital than any of its neighbors for the third straight year in the first half of 2025.

Started in 2019, Calo operates in Saudi Arabia, the UAE, Bahrain, Qatar and Kuwait. It has also launched in Oman and said UK operations are “underway,” according to a statement on a Tuesday.