– USA, IL – Tovala, the first-ever meal service paired with a countertop smart oven that scans, steams, bakes, and broils its chef-crafted meals, announced the close of a $30M Series C funding round led by Left Lane Capital with participation from previous investors Finistere Ventures, Comcast Ventures, OurCrowd, Origin Ventures, Pritzker Group Venture Capital, and Joe Mansueto.
Concurrent with the financing, Co-Founder and Managing Partner Jason Fiedler will join the Board of Directors.
“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,” said Jason Fiedler, Co-Founder and Managing Partner at Left Lane Capital. “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’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.
“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,” said CEO, David Rabiea. “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.”
The team at Left Lane Capital has successfully invested in notable food and DTC businesses, ranging from HelloFresh and Farmer’s Dog to meditation app Calm. The firm is committed to supporting high-growth, high-retention consumer and internet businesses. Left Lane will work closely with the Tovala team as it continues to scale its business nationwide.
About Tovala
Tovala was born on a mission to reinvent home cooking to save people time. Launched in 2017 by passionate culinary-tech duo David Rabie and Bryan Wilcox, Tovala’s fresh, chef-crafted meals and smart oven work together to let customers enjoy a delicious, home-cooked meal without the work. Each meal requires one minute of prep time before the Tovala Smart Oven scans and cooks it perfectly in 20 minutes or less.
With 5 different cooking functions (steam, bake, broil, toast, reheat) and the ability to scan-to-cook nearly 1,000 brand-name grocery items from brands like Kashi and Amy’s, the Tovala Smart Oven’s versatility extends beyond just cooking Tovala Meals. Tovala is available for purchase at Tovala.com, Amazon, and QVC.
For more information: https://www.tovala.com/
About Left Lane Capital:
Left Lane Capital is a New York-based growth equity firm. Left Lane invests in high-growth consumer internet and technology companies that build lasting customer relationships. Left Lane’s mission is to partner with world-class entrepreneurs and category-defining businesses that are fundamental to the human condition and spirit.
For more information: https://www.leftlanecap.com/
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