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App providing personalized meal plans through nutritional algorithms built by chefs, nutritionists, and software engineers

Funding

$90.00M

2025

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Details
Headquarters
Riyadh
CEO
Ahmed Al Rawi
Website
Milestones
FOUNDING YEAR
2019

Valuation

Calo was valued at $250M following its $25M Series B round led by Nuwa Capital in December 2024. In July 2025, the company raised an additional $39M in a Series B extension led by Aljazira Capital.

Calo has raised a total of $90M since its founding in 2019, including a $13M pre-Series A round in 2022. Notable investors across rounds include Aljazira Capital, Nuwa Capital, STV, Khwarizmi Ventures, Al Faisaliah Group, and Al Rajhi Family Office.

Product

Calo is a mobile-first meal subscription service that uses proprietary algorithms to create personalized nutrition plans delivered as ready-to-eat meals. Users complete an onboarding quiz covering height, weight, activity level, and health goals like fat loss, muscle building, or balanced nutrition.

The platform's nutritionist-approved algorithm converts user data into daily calorie and macro targets, then automatically assembles breakfast, lunch, dinner, and snacks from a rotating menu of 30-35 items. All meals are prepared in Calo's central kitchens and delivered chilled in refrigerated bags each morning, ready to microwave in 2-3 minutes.

The app allows real-time customization where users can swap tomorrow's meals with one tap, adjust macro ratios for extra protein or carbs, and flag dietary restrictions or allergens. Calo tracks adherence and automatically adjusts portion sizes every two weeks based on progress toward goals. The system integrates with Apple Health and Google Health to import activity data and optimize recommendations.

Specialized tracks are rolling out for diabetes, IBS, PCOS, and athletic performance, with gram-level macro control for precise nutritional targeting. The platform maintains a 3-4 day shelf life for chilled meals and optimizes ingredient ordering to minimize waste while ensuring menu availability matches kitchen production capacity.

Business Model

Calo operates a vertically integrated B2C subscription model that controls the entire value chain from meal planning algorithms to kitchen operations and last-mile delivery. The company owns central kitchens in each market and operates a fleet of 200 refrigerated vehicles for bulk distribution, with final delivery handled by proprietary courier networks and third-party logistics partners.

Customers pay upfront for subscription periods ranging from daily purchases to three-month plans, creating strong cash flow dynamics and predictable revenue. The pricing structure scales with meal frequency and plan duration, with full nutrition coverage priced at premium rates while partial meal plans offer lower entry points.

The vertical integration model allows Calo to capture margins across food preparation, logistics, and technology while maintaining quality control and delivery speed. Central kitchen operations enable economies of scale in ingredient procurement and meal production, while the algorithm optimizes menu planning around both nutritional requirements and inventory management.

Revenue expansion occurs through increasing meal frequency per customer, extending subscription lengths, and adding premium tiers like athlete-focused plans and chef-curated options. The company is testing retail kiosks and on-demand delivery to capture additional usage occasions beyond scheduled meal deliveries.

Competition

Vertically integrated players

Factor75 and Territory Foods represent the primary competitive threat in the algorithm-driven meal delivery space. Factor75, owned by HelloFresh, leverages nationwide scale and procurement advantages while expanding into GCC markets through HelloFresh's export programs. Territory Foods uses a distributed cloud kitchen network to reduce last-mile costs and partners with gyms and corporate wellness programs for customer acquisition.

Regional players like Right Bite and Kcal Extra in the UAE maintain strong local brand recognition and dietitian credibility despite less sophisticated technology platforms. Macros from Australia has entered Dubai with macro-tracked meals and influencer-driven fitness marketing that directly targets Calo's core demographic.

Software-only meal planners

PlateJoy, Mealime, and Eat This Much compete on price and convenience for users willing to cook their own meals. These platforms charge $6-12 monthly subscriptions and integrate with grocery delivery services like Instacart and Amazon Fresh. While their average revenue per user is significantly lower, they can convert users into grocery revenue-sharing arrangements and appeal to cost-conscious consumers.

The software-only model poses a threat during economic downturns when consumers may trade convenience for cost savings. These platforms are also expanding internationally faster than vertically integrated players due to their asset-light operations.

Wellness platform expansion

Broader health platforms like Noom, Levels, and ZOE are expanding into personalized nutrition as one component of comprehensive wellness offerings. These companies can leverage existing user bases and health data to cross-sell meal planning services, potentially capturing health-motivated consumers before they discover specialized meal delivery services.

Traditional food delivery platforms like Deliveroo and Talabat are testing algorithm-driven healthy meal curation, using their logistics networks and restaurant partnerships to offer personalized nutrition without building kitchen infrastructure.

TAM Expansion

Geographic expansion

Calo's acquisition strategy in Europe provides a template for global expansion. The company acquired UK meal-plan leaders Fresh Fitness Food and Detox Kitchen, gaining 70,000 existing subscribers and established kitchen infrastructure for EU market entry. This buy-to-launch approach allows rapid market penetration while avoiding greenfield operational challenges.

The company is preparing for an Oman launch with 5,000 users on the waiting list and conducting feasibility studies for North America and Asia. A planned 2027 IPO in Saudi Arabia will provide capital for accelerated international expansion, with the GCC serving as a profitable base for funding global growth.

New products and channels

Calo is developing AI-powered meal creation through Calo Black, which uses large language models to function as a virtual private chef with granular taste and macro preferences. This premium offering targets affluent consumers seeking restaurant-quality personalization at home.

The company is expanding into physical retail through 10 branded stores and hospital kiosks across the GCC, plus co-located outlets inside Armah Sports gyms. Corporate wellness represents another channel expansion, with pilot retail kiosks in offices targeting employer-subsidized health budgets.

Vertical integration deepening

Calo is launching a CPG line of healthy grab-and-go snacks and bottled items for distribution through gym and retail partnerships. This extends the brand beyond meal delivery into broader nutrition products with higher margin potential.

The company's athlete-targeted macro personalization and premium Chef's Picks broaden appeal beyond weight-loss users into performance nutrition and luxury food experiences. These premium tiers command higher prices while leveraging the same kitchen and delivery infrastructure.

Risks

Operational complexity: Calo's vertically integrated model requires managing central kitchens, cold-chain logistics, and last-mile delivery across multiple markets simultaneously. Any disruption to kitchen operations, supply chain, or delivery networks directly impacts customer experience and retention, unlike asset-light competitors who can pivot between third-party providers.

Market saturation: The GCC represents a relatively small addressable market compared to global opportunities, and Calo already captures significant market share in Saudi Arabia and UAE. Continued growth requires successful international expansion into markets with different dietary preferences, regulatory environments, and competitive landscapes where local advantages may not translate.

Algorithm dependency: Calo's core value proposition relies on proprietary algorithms for meal personalization and operational optimization. If competitors develop superior recommendation engines or if advances in AI democratize personalized nutrition capabilities, Calo's technological moat could erode rapidly, reducing the platform to a premium-priced meal delivery service without sustainable differentiation.

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