The Calo story: is Calo the next Saudi startup worth $1 billion?
The story of Calo and its founder Ahmed Al Rawi: it started in Bahrain in late 2019, entered Riyadh in 2021 and moved its headquarters there, and has served more than 18 million meals. It has raised about $90 million, entered the UK and, according to reports, left it, and has its eye on Tadawul.
Full film transcript
At 19, he sold his first startup.
Then he founded an app for booking football pitches.
Today, he runs a company that delivers healthy meals to more than 280,000 customers. It's called Calo.
The founder, Ahmed Al Rawi, started Calo in Bahrain in late 2019, with his partner Moayed Almoayed.
The idea: meals portioned for your body, exactly. Your calories, your protein, your goal.
You set your goal in the app, the algorithm picks your meals, and they're delivered to you every day.
In 2021, it entered Riyadh. And Saudi Arabia became its biggest market.
Its headquarters moved to Riyadh.
In 2024 alone, it delivered more than 10 million meals.
Its total today is more than 18 million meals, according to the company.
The investors? It raised about $90 million, from Nuwa, STV, and Aljazira Capital.
The last valuation mentioned in reports: $250 million.
In 2025, it entered the UK market and acquired two companies there.
But according to reports, it exited the UK market after about a year.
Now the focus is on listing on Tadawul. But to reach a billion, its value has to quadruple.
The lesson for you as a founder: fast expansion isn't always right. Sometimes the closest market is the most profitable.
Follow us at Saudi Founders.
Detailed figures and sources are in the Calo profile in the directory.
