LOS ANGELES, Feb. 18. 2022 /PRNewswire/ — Tova Farms, a commercial agricultural firm specializing in avocado, came out of stealth on Monday by announcing it has raised $1 million in Series A funding.
The company uses an innovative methodology and sourcing structure to assist on its mission to control every aspect of its supply chain, from growers to its export markets across Europe. To date, the company owns over 5000 acres of avocado farmland, and has partnership options with importers across 6 countries in Europe.
Tova Farms is yet another venture spun out of Pharos Investment Group, the Puerto Rico-based venture capital firm founded by Mike Coudrey.
Serving as Tova Farms Chief Executive Officer, Mike Coudrey said that the value of the global avocado industry has significantly and continuously increased over the last 20 years, and that Tova aims to capitalize on the shifts in global consumer health sentiment. The global avocado market was valued at approximately 12.8 billion U.S. dollars in 2019, and is forecast to reach more than 17.9 billion U.S. dollars by 2025.
"Tova Farms is very different from traditional commercial agricultural organizations. Tova utilizes its direct-to-market approach, by purchasing farmland in low-cost jurisdictions, processing and storing in-house, and exporting branded products directly to the target markets. With this business model, we cut out the middleman organizations and substantially increase our global revenues. Tova Farms also intends to capture a majority of its regional competition under its corporate umbrella, by signing lucrative sourcing deals with local farmers which would undercut non-compliant competitors," says CEO Michael Coudrey, according to the company’s Feb. 8 news release. "Not only does this raise the quality of life and income of thousands of local farmers, but it establishes Tova Farms as a dominant regional player with significant market share," he said.
SOURCE Pharos Investment Group