New Investment Opportunity: Tovala
Revenue jumps 121% YOY, set to more than double in 2022
- Reinventing home cooking with a unique smart oven designed to cook high-quality freshly prepared meals with minimum prep
- 121% YOY revenue growth in 2021, on track to increase 145% in 2022; weekly orders, active customers climb 100% YOY in 2021
- Payback period on CAC from meal revenue on track to fall below 6 months by end 2022
- Best-in-class one-year customer retention
- New production facility in Utah completed under budget and on time in Nov 2021, significantly expands capacity, expected to increase margins
- Up to $50M round at $210M pre-money valuation, attractive multiple to 2022 projected revenue, led by internal investor Left Lane Capital; $30M closed May 13th
"Gayle swears this kept her fed through isolation. You can scan the barcode of a grocery item and the oven will adjust its settings to cook it. Giftees can also sign up for a Tovala meal plan to receive scannable meals" - Oprah Winfrey, Oprah's Favorite Things, 2021
BOOK A CALL
with your Investor Relations representative
Dear Josb,
OurCrowd is reinvesting in Tovala, a Chicago-based company chosen for Oprah Winfrey's Favorite Things 2021 List, that is revolutionizing the meal kit and food delivery industries. The details in this email are based on information received from, and verified solely by, the company.
The problem
Busy people want high-quality home-cooked food without the need to shop, prep, cook and clean.
The solution
Tovala regularly delivers high-quality freshly prepared meals that customers can cook automatically in its proprietary smart oven simply by scanning the meal's barcode. The oven cooks the meal at the correct temperature and duration, as determined by the company's expert chefs, so it is perfect every time. Tovala combines the best elements of meal kits – fresh, raw ingredients – with the convenience and one-touch cooking of microwaved food, for a great tasting, easy-to-prepare meal.
Tovala has developed over 1,300 meals and counting, with 20 unique meal options per week. Recently, Tovala added dual serving meals at a lower price to the consumer, and will continue to increase meal variety, including the addition of add-ons such as desserts, to drive revenue and increase margins. Customers order meals on a weekly basis and spend over $80 on average per week.
The company
Incubated at Y Combinator - birthplace of Airbnb, DropBox and Stripe, Tovala's active customers and ending weekly orders doubled YOY in 2021. Revenue grew 121% YOY in 2021 to and is on track to increase by a further 145% in 2022.
The company has best-in-class one-year customer retention compared to competitors. Payback period on customer acquisition costs are on track to fall below 6 months by the end of this year.
A new production facility opened in Utah in November 2021 was completed on time and under budget. The facility significantly expanded capacity and is expected to increase margins.
The round
OurCrowd has an up to $2M allocation in this up to $50M round led by Left Lane Capital, an internal investor. Co-investors include Joe Mansueto, Comcast, Beringea, Samsung Next, University of Chicago, and Gaingels. The $210M pre-money valuation is an attractive multiple to 2022 projected revenues. $30M of the $50M has already been committed and closed as part of a first close on May 13th.
NDA
Due to the confidential nature of the materials, no further information can be provided prior to signing a Non-Disclosure Agreement ("NDA").
If you have a signed NDA with OurCrowd, please click here to access the Tovala deal page which contains additional information on the transaction. If you do not have a signed NDA with OurCrowd and you are interested in receiving further information about the transaction and your potential opportunity for additional participation, please click here to review and sign the NDA and you will receive access to the deal page. In order to view the deal page you need to be logged in to your OurCrowd account before clicking the link.
Meet the CEO
We're hosting a webinar/conference call on Sunday, May 29th, at 7PM Israel / 12PM New York / 9AM San Francisco for investors to meet CEO David Rabie and learn more about Tovala.
Can't make the webinar? Register and we will send you a recording of the call.
Next steps:
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