A&O Shearman advises AlJazira Capital as a lead investor on Calo’s Series B investment round

Calo is a high-growth meal subscription service, recording a USD100 million annualized revenue, with over 10 million meals delivered last year. Calo operates across the GCC and has recently completed the acquisition of two UK-based meal subscription brands, marking a strategic entry into the European meal subscription market. Calo is also in the process of piloting AI-powered “Calo Black,” which uses large language models (LLMs) to capture nuanced customer preferences through natural conversation and generate personalized daily menus.

AJC led Calo’s USD39m series B extension round, which brings Calo’s total Series B round to USD64m, following an initial USD25m tranche raised in December 2024 led by Nuwa Capital. The round was oversubscribed from an initial target of USD50m, highlighting continued appetite from investors in high-growth businesses in the MENA region.

The transaction follows on from AJC’s investments in Axiom Space’s USD350m Series C investment round and Floward’s USD156m Series C Pre-IPO investment round, which A&O Shearman also advised on.

Ben Ward, partner and META (Middle East, Turkey and Africa) head of M&A/Corporate, who led the A&O Shearman team, said: “We are delighted to have worked with the AJC team again, supporting them on this investment which underlines their ambition to support high-growth regional business ventures that drive meaningful change and to create a positive sustainable impact in health and wellness, in line with the KSA’s broader strategic objectives in this space. We look forward to witnessing the next phase of the growth and evolution of Calo.”

Rawan AlRasheed, lead manager—Impact Lab at AlJazira Capital, said: “We are excited to lead Calo’s Series B extension round and support Calo in their business ambitions. Calo is a homegrown Saudi company with global ambition, combining brand, technology, and operational excellence.”