US-based smart oven producer Tovala completed a $20m series B round on Tuesday featuring Comcast Ventures and Rich Products Ventures, subsidiaries of mass media group Comcast and food supplier Rich Products.
Venture capital firm Finistere Ventures led the round, which included equity crowdfunding platform OurCrowd, University of Chicago, Pritzker Group Venture Capital, New Stack Ventures and Gordon Segal, the founder of home furnishings retail chain Crate & Barrel.
Founded in 2015 as Maestro, Tovala markets a countertop smart oven that steams, bakes and broils ready meals purchased weekly through a subscription service. Users scan a custom QR code on the dish’s packaging and the oven automatically selects the optimal temperature and cooking time.
The company’s scan-to-cook technology has also been integrated into smart ovens from appliance manufacturer LG. The funding will support its growth across the US, in addition to driving product development and allowing it to hire additional staff.
Tovala had previously raised an undisclosed amount from Tyson Ventures, the corporate venturing arm of packaged food producer Tyson Foods, in early 2018.
Origin Ventures led Tovala’s $9.2m series A round the previous year, which was also backed by University of Chicago’s co-investment fund, Startup Investment Program, Pritzker Group Venture Capital, Y Combinator and various private investors.
The company had raised $1.6m in an October 2016 seed round led by Origin Ventures that included internet company Gree, New Stack Ventures and Service Provider Capital. It followed $500,000 in pre-seed funding from Origin Ventures, Valor Equity, New Stack Ventures and assorted individuals nine months earlier.
Photo courtesy of Tovala.
