Mike Coudrey’s Tova Farms Raises Nearly $1 Million In Funding, Adds Strategic Export Partners
LOS ANGELES, CA / ACCESSWIRE / February 17, 2022 / Tova Farms said Monday it raised $950,000 in a Series A funding round that values the agricultural company at approximately $1.4 million - nearly triple its last reported valuation in 2021, according to PitchBook data. The Puerto Rico-based company, known for its innovative investment strategy, has now raised nearly $1.2 million to date.
Tova Sustainable Farms CEO, Michael Coudrey
Avocado agriculture is a billion-dollar industry that's failed to move with the speed of the 21st century, long reliant on outdated supply chain management, inadequate commercial operations in jurisdictions nearby to the target market, and import/export phytosanitary regulation that act as a blockade for international trade. Numerous challenges - from congestion at ports to shortages of shipping containers - have arisen throughout the pandemic, leading to higher produce costs and delivery delays, and magnifying how critical the often-taken-for-granted agricultural industry is more broadly.
Tova Farm's commercial farming operations exceed 5000 acres, and their additional local sourcing methodology positions them as a multinational powerhouse in the global avocado industry. Tova's innovative approaches to local sourcing in cost-effective jurisdictions, policy and trade agreement brokering between governments, and its influential political arm allow it to rapidly expand its operations, while also moving the market in a positive direction for smaller agricultural companies, giving them an opportunity to take advantage of the openings in international trade.
In the past year, founder and CEO Michael Coudrey has focused on questions like how can avocado be produced and exported in the most cost effective manner - the company has recently signed export agreements with leading European firms.
"The avocado market has increased substantially in the last two decades, and our company seeks to capitalize and control a large market share of such revenues, as well as vertically integrate across our supply chains," Coudrey said in a statement announcing the funding. "This investment signals that the market recognizes the need for a tech-enabled agricultural ecosystem that has the visibility and resilience to handle unexpected challenges of any scale."
Tova Sustainable Farms has more than 5000 acres of commercial farmland and export partners in 6 countries, and reportedly doubled its commercial operations within the last year. With fresh financing, the company says it plans to begin expanding into new markets and accelerate the development of its current operations.
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SOURCE: Tova Farms
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