Tovala
Classification
Private
About
About
Tovala is a food-technology company founded in 2015 by David Rabie and Bryan Wilcox, with its headquarters located in Chicago, Illinois. The company provides a vertically integrated meal solution that pairs a multi-function countertop smart oven with a recurring chef-crafted meal subscription service. Originally established under the name Maestro and colloquially referred to as "the Keurig for food," the startup rebranded to Tovala in early 2016 ahead of its public launch. A significant milestone in its growth occurred in November 2017 when the company acquired the Chicago-based on-demand food delivery startup Radish to internalize operational knowledge and expand its menu capabilities. Business/Product Breakdown Tovala offers an integrated system designed to automate home cooking by combining specialized hardware with pre-prepared meal kits. The core product is an internet-connected smart oven available in two models: the standard Tovala Smart Oven and the Tovala Smart Oven Pro, which includes an additional steam cooking function. These devices are capable of baking, broiling, toasting, reheating, and air frying. The company's subscription service delivers weekly boxes of fresh, chef-prepared meals that require minimal assembly, typically taking less than one minute of active preparation. Each meal includes a recipe card with a unique QR code; when scanned by the oven, the appliance automatically executes a customized, multi-step cooking cycle specifically tailored to that dish. In addition to its own meal kits, the oven is designed to recognize barcodes for over 1,000 common grocery items, automatically adjusting time and temperature settings for consistent results. The service features a rotating weekly menu of over 30 options, including high-protein, vegetarian, and gluten-friendly dishes.
Financials
Revenue & Profit
Valuation
Ratios
People
Deals
M&A2024-03-15Completed
Investor Sponsors NorthBridge PE | Stake Tags 100% |
Deal Amount $120M | Is PE deal Yes |
Target Company Valuation $1.20 MM | Is deal PE backed Yes |
Techniques Acquisition of Assets, Taken Private | Total Acquired 100% |
Investor Sponsors
Deal Amount
$120M
Target Company Valuation
$1.20 MM
Techniques
Acquisition of Assets, Taken Private
Stake Tags
100%
Is PE deal
Yes
Is deal PE backed
Yes
Total Acquired
100%
Secondary Transaction2023-09-01Canceled
Investor Sponsors -- | Stake Tags Majority |
Deal Amount Undisclosed | Is PE deal No |
Target Company Valuation -- | Is deal PE backed Yes |
Techniques Secondary Sale, Management Buy-out (MBO) | Total Acquired 65% |
Investor Sponsors
--
Deal Amount
Undisclosed
Target Company Valuation
NaN
Techniques
Secondary Sale, Management Buy-out (MBO)
Stake Tags
Majority
Is PE deal
No
Is deal PE backed
Yes
Total Acquired
65%
Funding
Keywords
Keywords
Classified
Private