Tovala raises $30m in Series C round for scan-to-cook technology

Tovala has raised $30 million in a Series C round for its meal service that is paired with a countertop smart oven which scans, steams, bakes, and broils its chef-designed meals.

The Series C funding round of the Chicago-based foodtech company was led by Left Lane Capital. Previous investors – Finistere Ventures, OurCrowd, Comcast Ventures, Origin Ventures, Joe Mansueto, and Pritzker Group Venture Capital also took part in the financing round.

Jason Fiedler – Co-Founder and Managing Partner at Left Lane Capital said: “The pairing of a meal subscription with a connected device has enabled Tovala to achieve a customer retention rate that is a step-function better than anything else we’ve seen in food delivery — in many ways similar to what Peloton achieved in a traditionally low-retention fitness industry.

“Our team brings a proven track record of investing in category-defining consumer subscription businesses, and we’re excited about Tovala’s potential to be the next major food tech company.”

Tovala raises $30m in Series C round for scan-to-cook technology. Photo courtesy of Business Wire.

In June 2020, Tovala raised $20 million in a Series B round, which was led by Finistere Ventures.

The foodtech company said that the funding has enabled it to open a new production facility, grow its team, and enhance the customer experience.

David Rabie – CEO of Tovala said: “During a year when normal life was impossible and we collectively faced unexpected hardships, the Tovala team rallied to provide our customers with a source of comfort: meals they could rely on. Despite the pandemic, weather disasters, and a range of external challenges, we focused on delivering tens of thousands of meals each week to households that depended on our services.

“We are grateful to be a growing company during a difficult economic moment and we appreciate the partnership of Left Lane Capital to help our business reach more people in the months and years to come.”