Total amount raised
$336.3 Million
Latest funding date
2/1/2023
Location
Choco has successfully raised funds over 7 rounds, with the latest being a "Venture - Series Unknown" round. The platform is backed by 13 investors, including Insight Partners and G Squared.
Choco's innovative approach connects restaurants and suppliers, streamlining the food ordering process. Keep reading to explore the intricacies of Choco's fundraising journey and the investors backing this transformative platform.
What Is Choco?
Choco is a food ordering platform that connects restaurants and suppliers, operating in the industries of Apps, Food and Beverage, Marketing, and Restaurants. The company is based in Berlin, Germany, and employs between 251-500 people.
Founded to streamline the food ordering process, Choco has grown rapidly, boasting a high growth score and significant funding from investors like Insight Partners and G Squared. The platform offers tools to automate order processing and enhance sales efficiency, making it a trusted partner for food distributors.
How Much Funding Has Choco Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2018
- Lead Investors: Atlantic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Choco's platform and establish initial market presence.
- Series A
- Amount Raised: USD 33,500,000
- Date: October 2019
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and scale operations.
- Series A
- Amount Raised: USD 30,200,000
- Date: April 2020
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the platform and support rapid growth.
- Series B
- Amount Raised: USD 100,000,000
- Date: July 2021
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate international expansion and technological advancements.
- Series B
- Amount Raised: USD 111,000,000
- Date: April 2022
- Lead Investors: G Squared
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and enhance product offerings.
- Series Unknown
- Amount Raised: EUR 33,000,000
- Date: December 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Series Unknown
- Amount Raised: EUR 25,000,000
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: 1.2 billion USD
- Motivation Behind the Round: To further solidify market position and drive innovation.
Total Amount Raised: USD 307,700,000
Current Valuation: 1.2 billion USD
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm investing in high-growth technology and software companies.
- Investment Focus Areas: Technology, software, internet, data services.
- Notable Investments: Twitter, Shopify, DocuSign.
- G Squared
- Details: G Squared is a growth-stage venture capital firm that invests in technology companies.
- Investment Focus Areas: Technology companies at the growth stage.
- Notable Investments: Lyft, Spotify, Coursera.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early to growth-stage companies across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services, consumer sectors.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Coatue Management
- Details: Coatue Management is a global investment firm focused on technology, media, and telecommunications.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: Snap Inc., DoorDash, ByteDance.
- Left Lane Capital
- Details: Left Lane Capital is a venture capital firm that invests in high-growth consumer internet and technology companies.
- Investment Focus Areas: Consumer internet, technology companies.
- Notable Investments: GoPuff, M1 Finance, MasterClass.
What's Next for Choco?
Choco's recent funding round of 25 million euros underscores the vast opportunities in the digital gastronomy sector. With a valuation of 1.2 billion USD, the company is poised to capitalize on the growing trend of digitalization in the food industry. This influx of capital will enable Choco to expand its market reach and develop new features, enhancing its platform's appeal to restaurants and suppliers alike.
Future fundraising opportunities appear promising, given the strong backing from prominent investors like Bessemer Venture Partners and G Squared. As Choco continues to grow, it may attract further investments to support its expansion and innovation efforts. However, the company will need to navigate challenges such as increasing competition and maintaining service quality while scaling operations.
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