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Tovala raises USD 20 Million in series B round to boost growth

Tovala raises USD 20 Million in series B round to boost growth

As consumers are looking for convenient meal options during the ongoing coronavirus pandemic, Tovala – the meal delivery service and smart oven, has been in hot demand. Recently, the Chicago-based start-up raised significant funding to bring its meals to people and expand the company.

As per the latest news, Tovala has reportedly raised a USD 20 million in Series B funding round led by an Finistere Ventures. Other investors in the round include OurCrowd, the University of Chicago, New Stack Ventures, Crate & Barrel founder Gordon Segal, Pritzker Group Venture Capital, Origin Ventures, Rich Products Ventures, and Comcast Ventures.

As per the press release, the company will use this funding to accelerate rapid growth, grow a team, and strengthen production capabilities. It will enable the company to scale its meal services and countertop oven to reach new customers across the nation.

For the record, established in 2017, the company is delivering fresh, scan-to-cook fresh meals to customers. The WiFi-connected countertop oven bakes steams and broils based on a tailored QR code, effortlessly cooking every individual meal.

Each meal needs one minute of prep time and cooked perfectly in the company’s smart oven in less than 20 minutes. The company delivers the experience of a home-cooked meal without compromising on taste, freshness, and texture.

Tovala’s growth from an early Kickstarter campaign to an up-coming leader in meal delivery indicates the company’s ability to innovate and meet customer needs. The company has been among the few startups that has seen an increase in business during the COVID-19 pandemic.

The combination of lockdown orders and restaurant dine-in closures accelerated home cooking activity, which led to an increase in countertop cooking equipment sales growth. The company is experiencing exceptional growth, and is dramatically growing its subscriber base.

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Shreshtha Dhatrak

Despite having completed her Post Graduate degree in Digital Marketing, Shreshtha always nurtured an innate passion for writing. Currently, she works as a content writer for and similar other portals, where she pens down news articles spanning the fields of business, finance, and technology. Her other interests include reading and travelling.

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