Israeli smart oven company Genie Enterprise Ltd. has closed a Series A financing round, which was oversubscribed at $10 million. Carl Marks Securities LLC acted as the exclusive financial advisor on the deal and the firm and its principals are also investors in the business. Based in Rishpon north of Tel Aviv, Genie Enterprise is a food technology company that develops and markets smart ovens that cook healthy, tasty and affordable meals in 2-3 minutes.
The capital raised will build Genie’s organization in the US where the company's product is ideally suited for offices, coffee chains, hotels, hospitals and countless other places that have a need for convenient food at the touch of a button. Genie’s food system is based on unique proprietary technology and algorithms that produce restaurant quality meals from fresh dried ingredients without any preservatives, artificial flavorings, colorings, or additives. With prior success and experience with Israeli governmental agencies and B2B businesses such as Apple in Israel, Genie Enterprise is ready to tap the US for market opportunities.
Genie Enterprise Ltd was founded in 2014 by CEO Ayelet Carasso-Sternberg, CTO Doron Marco, and Dan Ariely, who is also an investor the company.
Carasso-Sternberg said, “We are excited to embark on Genie’s next growth stage, and encouraged by the reception we’ve found in the US market for our product. Convenience, speed, and healthy eating are demanded by today’s lifestyles and we developed the Genie food system to solve these demands by providing real, natural, delicious food quickly and easily.”
Carl Marks Advisors partner Warren H. Feder said, “We believe that Genie is a game changer and will capture significant US market share by bringing its revolutionary food system to businesses and organizations, feeding people tasty and healthy meals conveniently and economically.”
Fresh dried ingredients for each Genie meal are contained in a pre-sealed individual pod with a bar code unique to that meal printed on the outside. The Genie smart oven scans the bar code which tells it how to cook each meal in a proprietary sequence unique to each dish - from heating, cooling, agitating, microwaving and steaming. Initially, Genie will offer a selection of 8 meals in the US market, such as pasta Bolognese, chicken with broccoli in an Alfredo sauce, oatmeal with apples and cinnamon and molten chocolate lava cake - each prepared by top chefs made from real fresh dried ingredients sourced in the US.
Published by Globes [online], Israel business news - www.globes-online.com - on April 11, 2018
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