Total amount raised
$68.6 Millions
Latest funding date
8/1/2022
Location
Tovala has successfully raised significant funding over multiple rounds, attracting a diverse group of investors including Changer Club and FJ Labs.
Keep reading to explore the intricacies of Tovala's fundraising journey and the investors backing this innovative food-tech company.
What Is Tovala?
Tovala, founded in 2015 by Bryan Wilcox and David Rabie, is a food-tech company based in Chicago, Illinois. The company offers a unique combination of a smart oven and a meal delivery service, making dinner preparation effortless.
With a team of 101-250 employees, Tovala delivers fresh, chef-crafted meals that require minimal prep. The Tovala Smart Oven uses WiFi to access the meal's chef-perfected cook cycle, ensuring perfect results every time.
Customers can enjoy a variety of meal options, flexible meal plans, and the convenience of cooking name-brand grocery items with a simple barcode scan. Tovala's innovative approach to meal preparation has garnered significant attention and investment.
How Much Funding Has Tovala Raised?
- Pre-Seed Round
- Amount Raised: $500K
- Date: January 2016
- Lead Investors: Origin Ventures, Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the business model.
- Product Crowdfunding
- Amount Raised: $255.6K
- Date: March 2016
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gauge market interest and fund the first production run.
- Seed Round
- Amount Raised: $1.6M
- Date: October 2016
- Lead Investors: Origin Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale initial operations and enhance product development.
- Series A
- Amount Raised: $9.2M
- Date: December 2017
- Lead Investors: Origin Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and increase production capacity.
- Corporate Round
- Amount Raised: -
- Date: January 2018
- Lead Investors: Tyson Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage strategic partnerships and enhance market reach.
- Series A
- Amount Raised: $7.1M
- Date: May 2019
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product innovation and market expansion.
- Series B
- Amount Raised: $20M
- Date: June 2020
- Lead Investors: Finistere Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance customer experience.
- Series C
- Amount Raised: $30M
- Date: February 2021
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To open a new production facility and expand the team.
- Series C
- Amount Raised: -
- Date: October 2021
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technology.
- Series C
- Amount Raised: -
- Date: August 2022
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and market expansion.
Total Amount Raised: $68.6556M. Current Valuation: Not publicly disclosed.
Key Investors
- Left Lane Capital
- Details: Left Lane Capital is a New York-based growth equity firm that invests in high-growth consumer internet and technology companies. Jason Fiedler, Co-Founder and Managing Partner, will join Tovala’s Board of Directors.
- Investment Focus Areas: High-growth consumer internet, technology companies.
- Notable Investments: HelloFresh, Farmer's Dog, Calm.
- Finistere Ventures
- Details: Finistere Ventures is a venture capital firm focused on agtech and food tech investments. They have been a key player in supporting innovative food technology companies.
- Investment Focus Areas: Agtech, food tech.
- Notable Investments: Not publicly disclosed.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital arm of Comcast Corporation, investing in consumer, enterprise, and frontier technology companies. They leverage Comcast's extensive network and resources to support their portfolio companies.
- Investment Focus Areas: Consumer technology, enterprise technology, frontier technology.
- Notable Investments: Not publicly disclosed.
- OurCrowd
- Details: OurCrowd is a global venture investing platform that allows accredited investors to invest in startups. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, various sectors.
- Notable Investments: Not publicly disclosed.
- Origin Ventures
- Details: Origin Ventures is a venture capital firm that invests in early-stage technology companies. They have been a consistent supporter of Tovala since its early days.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not publicly disclosed.
What's Next for Tovala?
Tovala stands at the cusp of significant growth opportunities. With the recent $30 million Series C funding, the company plans to open a new production facility, expand its team, and enhance the customer experience. The growing demand for convenient, high-quality meal solutions and the rise of smart kitchen appliances present a fertile ground for Tovala to build a dominant food and consumer technology brand.
Future fundraising opportunities seem promising, given the company's rapid growth and the involvement of prominent investors. Additional funding rounds could support further expansion and technological advancements. However, Tovala may face challenges such as competition from other meal service companies, maintaining quality as they scale, and navigating supply chain logistics. Despite these hurdles, Tovala's innovative approach and strategic partnerships position it well for continued success.
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