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Tovala Secures USD 20 Million in Series B Round of Financing
Tovala is known for providing time-saving meal services that can be cooked in smart countertop ovens that scan, steams, broils and bakes chef-crafted meals, all controlled by a Wifi
Fremont, CA: Food tech startup Tovala secured USD 20 million in a Series B funding round led by Finistere Ventures, an agrifood venture pioneer, with participation from new investors Comcast Ventures, OurCrowd, and Rich Products Ventures. The round was also participated by previous investors Origin Ventures, Pritzker Group Venture Capital, Crate & Barrel founder Gordon Segal, New Stack Ventures and the University of Chicago. Tovala is known for providing time-saving meal services that can be cooked in smart countertop ovens that scan, steams, broils and bakes chef-crafted meals, all controlled by a Wifi.
"Tovala delivers on the promise of a home-cooked meal without any of the work involved in getting a delicious, hot meal on the table. We fill a void for customers who crave convenience without sacrificing quality," said Tovala CEO David Rabie. "We're excited to partner with Finistere Ventures to propel our business forward and bring Tovala to more people." The company will use
the proceeds from the investment round to fuel rapid growth, expand production capabilities and grow the team, enabling the brand to scale its fresh meal service and tech-driven countertop oven to reach new customers nationwide.
Tovala was launched in 2017, to solve the dinner dilemma by providing fresh, scan-to-cook meals without the time commitment or prep typically involved. The company's Wifi connected countertop oven steams, bakes, and broils based on a custom QR code, expertly cooking each meal. Unlike reheated dishes, the company provides an experience of a home-cooked meal without compromising freshness, taste, or texture.
"Tovala uniquely sits at the intersection of trends in the smart home and meal kit spaces: Meals enabled by an automated device, delivering convenience without compromise. We recognize Tovala's potential to own the kitchen countertop and look forward to being part of their expansion journey as we increase our investment in the food space," said Arama Kukutai, co-founder and partner at Finistere Ventures. "Tovala demonstrated substantive growth and industry-leading retention even before the current shift in consumer food delivery models, and we think the company is poised to lead the reinvention of the food delivery market as it matures."