Latest news with #NuwaCapital
Yahoo
2 days ago
- Business
- Yahoo
Foodtech start-up Calo secures $39m in Series B extension
Saudi Arabia-based foodtech start-up Calo has secured $39m in a Series B extension round, aimed at supporting its worldwide expansion and AI-powered personalisation capabilities. The round was headed by AlJazira Capital and brings the company's total Series B investment to $64m. This was preceded by an initial $25m tranche in December 2024. The extension round saw the return of current investors such as Nuwa Capital, who led the initial tranche, along with Khwarizmi Ventures, STV and Al Faisaliah Group. Newcomer Oraseya Capital also participated in the round. Calo noted that investor interest led to the round being 'oversubscribed', surpassing the initial $50m target. It is aimed at broadening the product portfolio and integrating recently acquired UK businesses. Described as a direct-to-consumer foodtech business, Calo offers a personalised meal subscription service. The company acquired UK-based meal subscription brands Fresh Fitness Food and Detox Kitchen in the first half of 2025 and has now integrated them into its platform. In the same period, Calo recorded 50% year-on-year growth, propelled by performance in markets such as Saudi Arabia, Kuwait and the United Arab Emirates. The company has focused on localising operations by appointing general managers in each market. Caroline Hazlehurst was appointed by Calo as chief operating officer, and John Noja as chief of staff, bringing his experience from Talabat's quick commerce unit. Calo currently has operations in more than ten physical regions across the Gulf Cooperation Council area, alongside hospital-based outlets, and plans to continue opening new sites every quarter. Calo's offerings include 'macro personalisation' tailored for athletes, 'premium Chef's Picks' meals, and an expanded range of 'clean-eating' options. The company is also transitioning into on-demand delivery and preparing to introduce its own line of 'healthy' consumer packaged goods (CPG) products. It is also trialling Calo Black, a private chef experience powered by AI. This service utilises large language models to understand the preferences of customers through natural conversation and create customised menus daily. Calo CEO and co-founder was quoted by Zawya: 'We are humbled by the tremendous interest we've seen from both existing and new investors to double down on Calo. 'Being vertically integrated with the mission of 'Making Healthy Easy' gives us an edge to develop and scale world-class experiences not just regionally, but also globally.' Calo is on a trajectory for a planned initial public offering in Saudi Arabia. "Foodtech start-up Calo secures $39m in Series B extension" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
3 days ago
- Business
- Zawya
Calo raises $39mln (SAR 146.27mln) in Series B extension
AlJazira Capital leads $39 million Series B extension following UK acquisitions by the Saudi headquartered Calo Existing investors Nuwa Capital, Al Faisliah Group, and Khwarizmi Ventures double down; Oraseya Capital joins as new investor Extension oversubscribed, taking Calo's total Series B raise to $64 million (SAR 240 million) after initial $25 million tranche in 2024 which was led by Nuwa Capital Calo achieves over 50% growth in H1 2025 and opens 10 physical stores across the GCC with IPO on track for 2027 Growth driven by three strategic levers: segment expansion, model innovation, and geographic scaling Riyadh, Saudi Arabia – Calo ( the Middle East's largest foodtech startup revolutionizing personalized meal subscriptions, today announced it has raised $39 million (SAR 146.27 million) in a Series B extension round led by AlJazira Capital. The raise brings Calo's total Series B round to $64 million (SAR 240 million), following an initial $25 million tranche in December 2024. Existing investors Nuwa Capital, who led the initial $25 million Series B tranche, STV, Khwarizmi Ventures, and Al Faisaliah Group returned to participate in the extension, with Oraseya Capital joining the round. Following overwhelming investor interest, the round was oversubscribed beyond the originally targeted $50 million to support global growth, product expansion, and the integration of newly acquired businesses in the United Kingdom. With over 10 million meals delivered last year, Calo is the world's fastest growing meal subscription service, recording a high-growth nine-figure annualised revenue ($ million). Calo recently completed the acquisition of two leading UK-based meal subscription brands, Fresh Fitness Food and Detox Kitchen, marking a strategic entry into the European market. Both brands have now been integrated into Calo's operations and technology infrastructure, as part of the company's plan to scale internationally. 'We are humbled by the tremendous interest we've seen from both existing and new investors to double down on Calo. We're living in an interesting time where AI is transforming our lives, and we're excited to be investing in cutting-edge innovation to explore how Calo can use AI to influence the future of how we discover and eat healthy food. Being vertically integrated with the mission of 'Making Healthy Easy' gives us an edge to develop and scale world-class experiences not just regionally, but also globally,' said Ahmed Al Rawi, co-founder & CEO of Calo. In the first half of 2025, Calo grew over 50 percent year-over-year, driven by strong market performance across Saudi Arabia, the UAE, and Kuwait. Over the past 12 months, Calo has localized operations by appointing General Managers in each market, improving customer understanding and accelerating growth. The company now operates more than 10 physical locations across the GCC, including hospital-based outlets, and is on track to open new sites every quarter. Calo's product roadmap continues to evolve. Recent segment expansions include athlete-targeted macro personalization, premium 'Chef's Picks' meals for lifestyle-focused customers, and expanded clean-eating offerings. On the model side, Calo is moving into on-demand delivery and will soon launch its own line of healthy CPG products under the mission of 'making healthy easy.' The company is piloting Calo Black, an AI-powered private chef experience. The product leverages large language models (LLMs) to capture nuanced customer preferences through natural conversation and generate personalized daily menus. Calo is embedding AI across user interaction and operational workflows to improve efficiency, scale personalization, and unlock new formats for customer experience. 'We are excited to lead Calo's Series B extension round and support Calo in their business ambitions,' said Rawan AlRasheed, Lead Manager – Impact Lab at AlJazira Capital. 'Calo is a homegrown Saudi company with global ambition, combining brand, technology, and operational excellence. We are confident in the team's ability to lead the company to a successful and prospers future. The transaction marks Aljazira Capital commitment to enable local and regional business ventures that drive meaningful change and to create a positive sustainable impact in health and wellness in line with our country's objectives.' As the company scales globally, Calo has appointed Caroline Hazlehurst as Chief Operating Officer. Caroline has held various senior executive roles supporting startups to scale operations globally, including as the first General Manager at Deliveroo UK & Ireland, VP at Bird and also as President at Moove. John Noja has been appointed as Chief of Staff, from Talabat where he was GM of its quick commerce unit. Calo recently announced a strategic partnership with premium gym operator Armah Sports Company, unlocking new wellness and retail collaborations. Armah's founder Fahad Alhagbani has also joined the company's board as an independent member building on his experience of taking two businesses public. As part of the partnership, Calo will explore co-located retail outlets, cross-promotional offers, and distribution of products through gym networks. Calo remains headquartered in Riyadh and is on track for a planned IPO in Saudi Arabia. The company currently operates in the Kingdom of Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, and Kuwait, with UK operations now underway. The company has also launched in Oman with over 5,000 customers on the waiting list. In 2024, Calo delivered 10 million meals across the GCC, reinforcing growing demand for data-driven, personalized nutrition. About Calo Calo is a direct-to-consumer foodtech startup providing personalized meal subscriptions to a growing base of health-conscious customers. The company is vertically integrated and built on a strong technology infrastructure allowing it to optimize the operation of its multiple kitchens and bridge consumer preferences with tech-driven analysis, production, and delivery of data-driven meals. Calo was launched in November 2019 and has offices in Riyadh, Bahrain and Dubai. For more information, job openings, and Calo's latest news, please visit:
Bloomberg
3 days ago
- Business
- Bloomberg
Saudi Foodtech Startup Raises $64 Million on Path to 2027 IPO
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.
Wamda
30-04-2025
- Business
- Wamda
erad secures $16 million pre-Series A to bridge SME credit gap in MENA
Saudi Arabia-based fintech erad has raised a $16 million pre-Series A funding round, backed by Y Combinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital. Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, erad provides Shariah-compliant, data-driven financing to SMEs in Saudi Arabia and the UAE, with funding access in as little as 48 hours. The investment will support erad's expansion in Saudi Arabia and beyond, strengthen local hiring, and enhance its product offering, aligning with Saudi Vision 2030's goals to boost SME participation in the economy. In 2022, erad closed a $2.4 million pre-seed round, backed by Nuwa Capital, VentureSouq, and Khwarizmi Ventures. Press release: erad, the Riyadh-headquartered alternative financing platform for SMEs, has successfully raised $16 million [SAR 60 million] in a Pre-Series A round to accelerate its growth and expand its operations in Saudi Arabia and beyond. The round was backed by leading global and regional funds, including YCombinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital. SMEs remain the backbone of the GCC economy, but access to capital remains a constant growth challenge with an estimated $250 billion credit gap. The funding will fuel erad's mission to offer fast and flexible financing solutions to underserved small and medium-sized businesses through its proprietary, data-driven financing platform. Focused on revenue-generating businesses, erad provides access to Shariah-compliant financing within 48 hours. Salem Abu-Hammour, co-founder of erad, commented, 'While SMEs continue to power the GCC economy, entrepreneurs in retail, F&B, healthcare, and beyond struggle to secure the capital they need to scale up. Over 60% of our customers are first-time credit takers, and we are proud to be partners in their growth while fostering financial inclusion. Together with our investors, we are excited to play a role in the growth of these SMEs, which are having a significant economic impact in the region.' To date, erad has supported hundreds of businesses with over SAR 100 million ($26.6 million) in funding in Saudi Arabia and the UAE, driving substantial growth for businesses in both markets. The demand for erad's solutions continues to surge, with over SAR 2 billion ($532 million) in funding requests on its platform since its launch, highlighting the critical need for alternative SME financing in the region. The company services customers across retail, F&B, e-commerce, healthcare, and beyond, including well-recognised businesses such as Citron, Wixsana, and House of Pops. erad plans to use the investment to deepen its market presence and expand its product offerings. With its entry into Saudi Arabia, the company will focus on doubling down on local hiring across multiple roles. The company remains committed to enhancing financial accessibility for SMEs, driving sustainable economic growth, and contributing to Saudi Vision 2030's objective of increasing SME participation in the national economy.
Arabian Business
30-04-2025
- Business
- Arabian Business
GCC sees massive surge in high-value startup funding deals in early months of 2025
High-value startup funding in the GCC region is seeing a major rebound, with some of the leading ventures in the region mopping up over a billion-dollar investment combinedly in the first quarter of 2025. The surge in investments, which include both equity and debt funding, comes despite many other regions, including the West and India, still seeing a slowdown in private and venture capital funding. Importantly, the momentum seems to be continuing into the second quarter as well, with erad, a Riyadh-headquartered alternative financing platform for SMEs, striking a $16 million equity investment deal in a pre-Series A round. The company is expected to announce the deal, involving leading global and regional funds, including YCombinator, Nuwa Capital, Khwarizmi Ventures and Aljazira Capital, on Wednesday, April 30. The $160 million Series E round funding by leading BNPL (Buy Now, Pay Later) player Tabby, the $69 million Series A round funding by Flow48, a logistics sector startup, the $28 million each funding by an e-commerce platform, and Merit Incentives, a Dubai-based globally operating engagement technology venture, in their Series B rounds, and the $25 billion funding by Calo, a leading foodtech startup, in a Series B round are among the high-profile investment deals struck by startup ventures in the region. The Riyadh-headquartered Lendo, a fintech venture, secured a massive $690 million in a debt financing round in January this year. The financing facility, extended by J.P. Morgan, was supported by Fintech Saudi, a Saudi initiative. Sector experts said the rising trend of high-value startup funding in the region, especially in the UAE and Saudi Arabia, is expected to continue in the coming quarters of this year. The relatively stable and growing economic and market conditions in the two countries, along with investor and industry-friendly policies being pursued by the respective governments, are driving global investor interests in the region, they said. GCC startups gain momentum Industry experts said the surge in high-value PE and VC investments is due to the strong interest in fintech, foodtech, and other growth sectors within the GCC startup ecosystem. Among the sectors, fintech seems to be the top preferred sector for investors, they said, citing the latest example of erad, the Saudi-based alternative financing platform, striking $16 million investments with a clutch of global and regional investors. The pre-Series A round of erad was backed by leading global and regional funds, including YCombinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital. The fresh funding is to be used by the Saudi fintech to fuel its mission to offer fast and flexible financing solutions to underserved small and medium-sized businesses through its proprietary, data-driven financing platform. Salem Abu-Hammour, Co-founder of erad, said while SMEs continue to power the GCC economy, entrepreneurs in retail, F&B, healthcare, and beyond struggle to secure the capital they need to scale up. 'Over 60 per cent of our customers are first-time credit takers and we are proud to be partners in their growth, while fostering financial inclusion,' he said. Sector experts said the huge credit gap in the SME sector in the GCC – estimated to the tune of $250 billion – seems to be the major attraction for investors to fund promising startups in the region as the massive capital gap offers great growth potentials for them. Q1 investment momentum Among the high-profile investment deals concluded in the initial months of 2025 are Tabby's $160 million Series E round in mid-February. The latest funding round also significantly boosted the company's valuation, doubling it to $3.3 billion. The round was led by Blue Pool Capital and Hassana Investment Company. Leading logistics sector startup Flow48 also struck a new investment deal in February this year, securing $69 million in a Series A round. The fintech startup providing financing to SMEs secured the funding from a clutch of investors led by Breega and included PE and VC firms such as 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC. February seemed to be a favourable month for startups in the region, with three ventures in different sectors – Merit Incentives and The Game Company – striking deals to raise significant investments. an e-commerce platform with major operations in the UAE and the wider GCC and MENA region, struck deals with a slew of investment firms such as Rua Growth Fund, Jordan Capital & Investment Fund and Foursan Group to raise $28 million in a Series B round. The Dubai-based, globally operating engagement technology company Merit Incentives also struck deals with a clutch of leading investment firms led by Alistithmar Capital and Tech Invest Com to raise $28 million in a Series B round in the month. Other investors in the venture included Endeavor Catalyst, Salica Investments, and Stride Ventures. Dubai-based The Game Company also reportedly raised $10 million to launch a cloud gaming platform in February this year.
