The archive · Consumer Apps · Strategic decision · 2019–2025
Calo's healthy-meal bet scales: $64M Series B, 10M meals, UK push, Saudi IPO track
Founded in Bahrain in 2019, Calo bet diners would subscribe to healthy ready meals; 10M meals a year and a $64M Series B put it on a Saudi IPO track
Calo
What the business is
Calo prepares and delivers weekly subscriptions of calorie- and macro-controlled ready meals, personalized to customers' health goals, across Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and now the UK, with physical retail outlets in the Gulf.
How it started
Ahmed Al Rawi founded Calo in Bahrain in late 2019 on the idea that 'making healthy easy' could turn meals into a subscription, and Moayed Almoayed joined as co-founder. About $26M in early rounds from STV, Nuwa Capital, Khwarizmi Ventures, Vision Ventures, 500 Startups and others preceded the Series B.
What happened
In December 2024 Calo raised a $25M Series B led by Nuwa Capital and reported more than 10 million meals delivered in 2024 across Saudi Arabia, the UAE, Kuwait, Qatar and Bahrain. It acquired UK subscription-meal brands Fresh Fitness Food and Detox Kitchen, integrated them through mid-2025, and opened 10+ physical locations in the Gulf.
How it ended up
A $39M oversubscribed Series B extension led by AlJazira Capital closed in July 2025, bringing the round to $64M; Calo said H1 2025 revenue grew over 50% year on year, the UK brands were integrated with daily London delivery, and a Saudi IPO remained on track.
Background
Calo was founded in Bahrain in late 2019 by Ahmed Al Rawi, joined by Moayed Almoayed as co-founder, on a simple bet: healthy eating could be sold as a subscription, the way gyms sell memberships. About $26M in early funding from STV, Nuwa Capital, Khwarizmi Ventures, Vision Ventures and 500 Startups built out the model.
The model was vertically integrated meal plans: chef-prepared, calorie- and macro-controlled ready meals personalized to each customer's health goals, delivered through Calo's own kitchens and logistics. By 2024 the company delivered more than 10 million meals across Saudi Arabia, the UAE, Kuwait, Qatar and Bahrain, and claimed nine-figure annualized revenue.
Calo then used capital to go global without starting from zero: a $25M Series B tranche in December 2024 was followed by a $39M oversubscribed extension in July 2025, bringing the round to $64M, and it acquired UK meal brands Fresh Fitness Food and Detox Kitchen. With the UK integrated and daily London delivery running, management kept a Saudi IPO on its roadmap.
What has to be true
- Gulf consumers wanted healthier prepared food, and no regional player had built a trusted subscription brand around it
- Owning kitchens and logistics let Calo control nutrition claims, freshness and unit economics instead of depending on third-party restaurants
- Meal plans tied to individual goals created recurring revenue and rich data, which became the foundation for AI personalization later
- Buying Fresh Fitness Food and Detox Kitchen gave Calo operating muscle in the UK, turning a risky greenfield entry into an integration play
What can be applied
Pick a need incumbents overlook and build the full stack before going global: Calo won Gulf subscriptions with its own kitchens and personalization, then bought UK brands rather than entering cold
Aftermath
As of 2025-07-29, Calo is headquartered in Riyadh, operates in five GCC markets plus Oman (with 5,000+ customers on the waitlist) and the UK, where it delivers daily in London and two to three times a week elsewhere. It runs more than 10 physical locations, partnered with Saudi gym chain Armah Sports, and is piloting Calo Black, an AI-powered 'private chef' that builds daily menus from conversation. Management says a Saudi IPO is on track and continues to look for meal-kit acquisitions worldwide.
Sources
- Food delivery service Calo scores $39M in Series B extension as it sets eyes on the UK
- Calo raises $39 million Series B extension to boost global growth
- Calo raises $25 million Series B, eying Saudi IPO by 2027
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