Tovala, a meal service paired with a countertop smart oven that scans, steams, bakes, and broils its chef-crafted meals, announces the close of a $30M Series C funding round led by Left Lane Capital, an investment group focused on high-growth internet and consumer companies, with participation from previous investors Finistere Ventures, Comcast Ventures, OurCrowd, Origin Ventures, Pritzker Group Venture Capital, and Joe Mansueto.
Tovala’s second fundraise in a six-month time span brings the company’s most recent funding total to over $50M, enabling the rapidly growing company to open a new production facility, expand the team, improve the customer experience, and continue building a dominant food and consumer technology brand.
Launched in 2017, Tovala’s upward trajectory reached new levels in 2020 as consumers invested in at-home meal solutions that met their dual demands of convenience and quality. Unlike category competitors that rely on time-intensive cooking or microwaved solutions, Tovala provides the coveted experience of a fresh home-cooked meal without the work typically required. The scan-to-cook technology — paired with chef-crafted meals — meets a deep-seated consumer need, delivering a premium experience without effort. Meals take less than one minute to prep and cook perfectly in under 20 minutes.
Recent Tovala highlights include:
• Annualized revenue increased by 10x in past 18 months
• Increased employee count by 40 percent in 2020
• Shipped over 3 million meals
• Customers engage with the Tovala Smart Oven features and meal service an average of 32 times per month, making it a staple in their kitchen