Total amount raised
$336.3 Millions
Latest funding date
2/1/2023
Location
Choco has successfully raised significant funding over multiple rounds, attracting the attention of notable investors such as Insight Partners and G Squared. The platform offers a streamlined solution for food distributors and restaurants, automating order processing and reducing manual work.
Keep reading to explore the intricacies of Choco's fundraising journey and the investors backing this innovative platform.
What Is Choco?
Choco, founded in 2018, is a Berlin-based platform designed to streamline the ordering process for food distributors and restaurants. The company was established by Daniel Khachab, Julian Hammer, and Rogério Da Silva Yokomizo.
Choco offers a user-friendly application that simplifies communication and ordering between restaurants and suppliers, featuring a chat interface and an intuitive ordering list. The platform aims to reduce manual work and errors through automation.
With a team of 251-500 employees, Choco continues to innovate in the food industry, making the ordering process more efficient and less time-consuming for its users.
How Much Funding Has Choco Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2018
- Lead Investors: Atlantic Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the platform and validate the business model.
- Series A
- Amount Raised: $33.5M
- Date: October 2019
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale operations in key markets.
- Series A
- Amount Raised: $30.2M
- Date: April 2020
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's technology and increase market penetration.
- Series B
- Amount Raised: $100M
- Date: July 2021
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new geographical regions.
- Series B
- Amount Raised: $111M
- Date: April 2022
- Lead Investors: G Squared
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and support international expansion.
- Venture Round
- Amount Raised: €33M
- Date: December 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and enhance product offerings.
- Venture Round
- Amount Raised: €25M
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: $1.2 billion
- Motivation Behind the Round: To solidify market position and drive further innovation.
Total Amount Raised: $308.7M
Current Valuation: $1.2 billion
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm that invests in high-growth technology and software companies. Founded in 1995, the firm has a strong track record of supporting innovative businesses.
- Investment Focus Areas: Technology, software, internet.
- Notable Investments: Twitter, Wix, Delivery Hero.
- G Squared
- Details: G Squared is a growth-stage venture capital firm that focuses on investing in technology companies. The firm aims to support companies that are poised for significant growth and market impact.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Lyft, Spotify, Coursera.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a global venture capital firm that invests in early-stage startups across various sectors. The firm has a long history of backing successful companies.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Coatue Management
- Details: Coatue Management is a technology-focused investment firm that manages both public and private equity funds. The firm is known for its deep expertise in the tech sector.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Snap Inc., DoorDash, ByteDance.
- Left Lane Capital
- Details: Left Lane Capital is a venture capital firm that invests in high-growth internet and consumer technology companies. The firm focuses on companies that have the potential to become market leaders.
- Investment Focus Areas: Internet, consumer technology, software.
- Notable Investments: GoStudent, MasterClass, M1 Finance.
What's Next for Choco?
Choco's recent €25 million funding round underscores the vast opportunities ahead. With a valuation of $1.2 billion, the company is poised to capitalize on the growing trend towards digital solutions in the gastronomy sector. The substantial investment highlights the market's confidence in Choco's potential to revolutionize the industry.
Future fundraising seems promising, given the strong backing from prominent investors like Bessemer Venture Partners and G Squared. This financial support will likely fuel further innovation and expansion, positioning Choco for continued growth. However, the company must navigate challenges such as increasing competition and the need for constant technological advancements to maintain its market edge.
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