Saudi Arabian tech startups led the funding activity in the Middle East and North Africa region this week. While foodtech startup Calo raised a late-stage round ahead of its IPO plans, edtech startup YNMO secured early-stage investment.
Saudi Arabia-headquartered foodtech startup Calo raised $25 million in an oversubscribed Series B funding round, led by existing investor Nuwa Capital, as it aims to go public by 2027. The round also saw participation from STV and Khwarizmi Ventures, and regional family offices.
Founded in Bahrain in 2019 by Ahmed Alraw and Moayed Almoayed, Calo is a direct-to-consumer (D2C) foodtech platform that provides personalized meal subscriptions to a growing base of health-conscious customers. Amid investor confidence, Calo plans to extend the Series B round to $50 million, with an additional $25 million planned to be raised in the first quarter of 2025. With operations in Saudi Arabia, United Arab Emirates, Bahrain, Qatar, and Kuwait, Calo plans to head for a Saudi IPO by 2027. Calo has so far raised $26 million from investors including Vision Ventures, 500 Startups, Savour Ventures, Nama Ventures, and other angels.
Saudi Arabia-based edtech YNMO raised $5 million in investment led by Wa’ed Ventures to propel its expansion plans. The round also saw participation from Qatar Development Bank (QDB) and Nour Nouf Ventures.
Founded in 2017 by Fahad Al-Nemary, Abdullah Murad, and Faisal Al-Nemary, YNMO Ynmo provides an integrated platform enabling specialists to develop AI-based advanced rehabilitation and educational programs for children with disabilities and their families. With the latest investment, YNMO plans to expand its services and introduce new features. It also aims to strengthen its partnerships with governmental, educational, and rehabilitative institutions across the Gulf region. In 2021, Wa’ed had invested $500,000 in YNMO.
