Tovala Raises $20M in Series B Funding

Tovala, a Chicago, IL-based time-saving meal service and countertop smart oven that scans, steams, broils and bakes chef-crafted meals, closed a $20M Series B funding.

The round was led by Finistere Ventures, with participation from new investors Comcast Ventures, OurCrowd and Rich Products Ventures and previous investors Origin Ventures, Pritzker Group Venture Capital, Crate & Barrel Founder Gordon Segal, New Stack Ventures and the University of Chicago.

The company intends to use the funds to accelerate growth, expand production capabilities and grow the team.

Launched in 2017 and led by CEO David Rabie, Tovala provides fresh, scan-to-cook meals without the time commitment or prep typically involved. The WiFi-connected countertop oven steams, bakes and broils based on a custom QR code, cooking each individual meal. In 2019, the company introduced a new Scan-to-Cook feature that allows its smart ovens to scan the barcode on 750+ brand-name grocery items to cook them without preheating, making its technology versatile. Additionally, in partnership with LG, Tovala embedded its Scan-to-Cook technology in LG smart ovens as part of LG’s Connected Home initiative. The company also collaborated with Beyond Meat and celebrity Chef Graham Elliot for limited-time Tovala Meal offerings, as well as expanded distribution by selling on QVC.



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