Pioneering Personalized Nutrition in the Middle East
A Khwarizmi Ventures Portfolio Story
From Idea to Impact
Calo’s journey started humbly with only $2,000. In 2019, founders Ahmed AlRawi and Moayed AlMoayed created a Minimum Viable Product (MVP), a simple yet strong proof of concept that confirmed a key insight: people want nutrition that is both personalized and easy to follow. By addressing both what to eat and how to stick with it, Calo’s model demonstrated strong customer retention in Bahrain, generating approximately $4 million in revenue. It was time for the team to consider expanding to the GCC market.
Early Backers and the Saudi Launch
At Khwarizmi Ventures, we saw Calo as both a company and a powerful movement with the potential to transform nutrition in the region. We first met the team early on and were immediately impressed by their clear vision and strong execution in Bahrain. The strength of their brand, customer loyalty, and demonstrated operational success in a smaller market led us to a clear thesis: it would be a game-changing investment if Calo could replicate its success in a larger market, such as Saudi Arabia.
Ahmed delivering the first official Calo meal in Saudi to Khwarizmi Ventures
19 June 2021
Our partnership with Calo began even before their official launch in Saudi Arabia. During the challenging COVID-19 period, we collaborated with the founding team, helping them finalize a strategic kitchen acquisition in Riyadh and supporting their launch plan. We collaborated to shape the local launch, foster strong community engagement, and ensure Calo had a successful start. From operations to strategic positioning, we weren’t just investors but active partners. The result? Calo’s launch in Saudi Arabia became one of our portfolio's most successful market entries, demonstrating that regional excellence can be scaled. The company has seen rapid growth, with top-line milestones reinforcing our early confidence. Since our investment, Calo has grown the market size of personalized meal delivery by more than 10 times.
The first official meal delivered in Saudi Arabia
21 June 2021
This growth highlights not only the local demand but also the effectiveness of our strategic support, particularly in facilitating operational deals, expanding customer reach, and resolving early-stage supplier and logistics challenges. Beyond operational support, the partnership has been strengthened by a close, founder-centric relationship. “Khwarizmi Ventures proactively opened doors to commercial and operational partners, as well as investors, without the team needing to ask. This level of initiative and support became a key differentiator in Calo’s growth story,” said Ahmed Al-Rawi. Since then, the company has expanded quickly across the Middle East, delivering over 10 million meals by the end of 2024. This growth is the result of focused execution, an outstanding team, and an unwavering commitment to serving customers.
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Our managing partner with the founder during the third anniversary in Saudi Arabia
2 November 2023
Moving Ahead
The Bahrain-based company is transforming nutrition with data-driven, personalized meal plans tailored to each person's biometrics and lifestyle, all delivered through a smooth, app-based experience. In the fast-changing world of food technology, Calo Inc. has established itself as one of the region's most promising startups. In December 2024, Calo raised $25 million in a Series B funding round led by Nuwa Capital, with participation from Khwarizmi Ventures and STV. This funding is part of a larger $50 million growth strategy aimed at expanding operations, enhancing AI capabilities, and developing new markets and product lines. Calo’s ambitions are expanding. With plans to expand beyond the GCC, including the UK, and introduce new offerings such as personalized supplements, Calo is transforming from a meal plan provider into a comprehensive wellness platform. It recently acquired Fresh Fitness Food and Detox Kitchen in the UK to strengthen its base and is aiming for a Saudi IPO by 2027.
Looking ahead, Calo envisions becoming the leading global brand in personalized nutrition. As part of its long-term vision, Calo intends to explore investment and acquisition opportunities to expand its ecosystem. During this journey, we plan to scout promising startups for potential acquisition and identify emerging trends in this market. At Khwarizmi Ventures, we take pride in supporting visionary, founder-led startups like Calo leaders who drive innovation with bold ideas and a clear mission. What began as a daring vision has grown into a regional success story, and we’re honored to be part of that journey. Our commitment extends beyond funding; we act as active partners by helping source top talent, providing strategic guidance, and enabling market expansion. Together with our founders, we strive to accelerate growth and make a lasting impact.
