Saudi Foodtech Startup Raises $64 Million on Path to 2027 IPO

Saudi foodtech startup Calo has raised $64 million in Series B funding. The company plans to use the funds to expand beyond the Middle East market and aims for an initial public offering (IPO) by 2027. Calo, founded in 2019, operates a platform that connects consumers with healthy and sustainable food options. The platform offers a variety of services, including meal delivery, grocery delivery, and a B2B service for businesses. The Series B funding round was led by international investors, indicating the growing interest in the Saudi tech sector. Calo's CEO stated that the company is well-positioned to capitalize on the increasing demand for healthier and more environmentally-conscious food options in the region. The successful fundraising and the company's ambitious IPO plans suggest Calo's potential to become a leading player in the Middle East's foodtech industry. The investment will support Calo's expansion and further development of its technology-driven platform.