Food Technology Innovator Genie Enterprise Raises $10M
Genie Enterprise Ltd, a food technology company that develops and markets smart ovens that cook healthy, tasty and affordable meals in 2–3 minutes, announced Tuesday the successful closing of its Series A round of financing, which was oversubscribed at $10 million. Carl Marks Securities LLC acted as the exclusive financial advisor on the transaction and the firm and its principals are also investors in the business.
The capital raised will build Genie’s organization in the U.S where Genie is ideally suited for offices, coffee chains, hotels, hospitals and countless other places that have a need for delicious, 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 U.S. for market opportunities.
“We are excited to embark on Genie’s next growth stage, and encouraged by the reception we’ve found in the U.S. market for our product,” says Ayelet Carasso-Sternberg, Chief Executive Officer of Genie Enterprise Ltd. “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.”
”What led us to support and invest in Genie Enterprise is its impressive track record in Israel, the vision and strength of Genie’s inventors and co-founders Doron Marco and Ayelet Carasso-Sternberg, and the enormous market opportunities we see in the U.S.,” says Warren H. Feder, a Partner at Carl Marks Advisors. “We believe that Genie is a game changer and will capture significant U.S. 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 U.S. 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 U.S.