Israeli ‘Kitchen-In-A-Box’ Raises $10M To Tap Into The US Market
April 12, 2018 | Israeli smart oven food tech company Genie Enterprise has announced they have closed a Series A financing round, which was “oversubscribed at $10 million,” according to a statement. Carl Marks Securities acted as exclusive financial adviser for the deal and its principals were also investors. The round will help grow Genie in the United States. Founded in 2014, Genie’s food technology company develops and markets smart ovens that cook quick, but tasty meals at restaurant quality from fresh, dried ingredients without preservatives or artificial flavorings. Founded in 2014, Genie develops and markets smart ovens they call “kitchen-in-a-box,” which can cook restaurant-quality meals “at the touch of a button” in two to three minutes, from pods that carry fresh, dried ingredients. Genie also markets these pods. The Genie smart oven scans a barcode on the pod to cook the meal. The company began targeting Israeli hospitals, hotels, cafes, and businesses in 2017 and now hopes to do the same in the US. They have been used by companies such as Apple in Israel.