Tovala

Chicago, Illinois

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

Revenue

Valuation

Valuation

Ratios

Revenue / EBITDA
$123 MM
Valuation / Revenue
$123 MM
Valuation / Employees
$123 MM
EBITDA / Revenue
$123 MM
1-Year CAGR (Revenue)
03
3-Year CAGR (Revenue)
11
1-Year CAGR (Employees)
19
3-Year CAGR (Employees)
96

People

Employee Figures

Employees

Key Executives

NameTitleSocialsEmailPhone
John DoeEmployee
--
Jane DoeEmployee
John DoeEmployee
John DoeEmployee

401K

Total Active Participants
1234
No. Participants with Account Balances
56789
Total Liabilities Start of Year
1234
Total Assets Start of Year
56789

Deals

M&A2024-03-15Completed

Seller

Founders Group

Investor Sponsors

NorthBridge PE

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

Target

BrightHealth Technologies

Seller

Early Investors Consortium

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