Choco Valuation, Funding & Investors
Choco is valued at $1.2B as of April 2022.
Last Choco valuation
$1.2B
Series B · Apr 2022
Last Choco funding round
$26M
Undisclosed stage · Feb 2023
Cumulative funding Choco raised
$336M
across 6 funding rounds
Key investors in Choco
Bessemer Venture Partners
Insight Partners
Coatue
Atlantic
Left Lane Capital
G Squared
About Choco
Choco is a Berlin-headquartered B2B platform connecting 50,000 European restaurants with 10,000 suppliers for ingredient orders. Founded in 2018, its app mimics consumer interfaces with chat and ordering lists, processing €4 billion in orders annually. Available in Germany, France, and the UK, Choco raised $150 million in funding and partners with Metro AG and Sysco for digital procurement.
Founded
2018
HQ
BerlinWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$1.2B (Apr 2022)
Choco Valuation
Choco is currently valued at $1.2B, based on its Series B in April 2022.
The $111M round was led by G Squared.
Choco's valuation has grown 4.8x from $250M at its Series A in April 2020 to $1.2B in April 2022, across 3 priced rounds.
Choco valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Series B | $1.2B |
| Jul 2021 | Series B | $600M |
| Apr 2020 | Series A | $250M |
Choco Funding History
Choco has raised a total of $336M across 6 funding rounds.
Choco's first fundraising round was a $34M Series A in October 2019. The most recent completed round was a $26M undisclosed-stage round in February 2023.
Choco funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Undisclosed stage | Left Lane Capital; Bessemer Venture Partners; G Squared; Coatue; Insight Partners | $26M | - | - |
| Dec 2022 | Undisclosed stage | Left Lane Capital; Bessemer Venture Partners; G Squared; Insight Partners | $35M | - | - |
| Apr 2022 | Series B | G Squared (lead) | $111M | $1.2B | Choco is a Berlin-based technology company building a digital platform to streamline food ordering, supply chain management, and communications between restaurants and suppliers, aiming to reduce food waste in the $6 trillion food service industry traditionally reliant on spreadsheets or pen-and-paper processes. The company raised $111 million in a Series B2 internal round on April 11, 2022, led by G Squared with participation from Insight Partners, boosting its post-money valuation to $1.2 billion and achieving unicorn status just three-and-a-half years after founding in 2018. This followed a $100 million Series B six months earlier at $600 million valuation, with prior rounds including a $63.7 million Series A, $33.5 million in 2019, and $30.2 million in 2020 at $230 million valuation, bringing total funding to over $282.5 million at that time. The funding supports product and technology development, customer service expansion, team growth from 400 to 600-700 employees, and market expansion in the U.S., Europe, and beyond. Choco reported 350% user growth worldwide and total goods traded exceeding $1.2 billion by February 2022, highlighting strong traction in digitizing supply chains for sustainability. CEO Daniel Khachab emphasized accelerating growth in a large market with minimal barriers. G Squared, a U.S.-based growth investor focused on technology companies, praised Choco's ecosystem for modernizing the foodservice industry. Subsequent rounds included a $26.37 million Series B-IV in February 2023 and others, with total raised reaching approximately $305 million across multiple investors like Bessemer Venture Partners, Coatue, and Left Lane Capital. |
| Jul 2021 | Series B | Left Lane Capital (lead); Atlantic; Kevin Worner; Bessemer Venture Partners; Visionaries Club; Coatue; Insight Partners | $100M | $600M | Choco is a Berlin-based technology company developing a digital procurement platform that connects restaurants with suppliers to digitize food supply chains, reduce waste, and improve efficiency and sustainability. The platform facilitates ordering, payments, and analytics for the wholesale food sector, which has seen limited innovation historically. Founded in 2018, Choco had raised $71.7 million prior to this round across two Series A tranches: $33.5 million in October 2019 led by Bessemer Venture Partners and $30.2 million in April 2020 led by Coatue, at a then $230 million valuation. On July 20, 2021, Choco closed a $100 million Series B round led by Left Lane Capital, with participation from new investor Insight Partners and existing backers Coatue Management and Bessemer Venture Partners, bringing total funding to $171.5 million. The post-money valuation was $600 million. Funds were allocated to accelerate international expansion, enhance technology including payment tools, double headcount particularly in engineering, and build a resilient global food system amid pandemic-stressed supply chains. TechCrunch reported platform orders quadrupled in the prior year, with annualized gross merchandise value (GMV) reaching $900 million from $230 million previously. Choco's growth was fueled by investing aggressively during the early COVID-19 uncertainty, strengthening its technology and expanding regions, which proved advantageous. The company hired ex-Uber and Facebook executive Vikas Gupta as CTO to scale engineering. Subsequent rounds included additional Series B extensions and a 2023 raise valuing the company at $1.2 billion USD, with total funding exceeding $300 million across multiple investors matching the specified ones. Choco aims to eradicate food waste and become indispensable for profitable, efficient restaurant and supplier operations globally. |
| Apr 2020 | Series A | Coatue (lead); Christian Edler; Atlantic; Bessemer Venture Partners; Target Global; Visionaries Club; Greyhound Capital | $30M | $250M | Choco is a Berlin-based foodtech platform that digitizes ordering for restaurants from suppliers, aiming to reduce food waste and streamline the food supply chain. It operates in multiple countries including Germany, Austria, Belgium, Spain, the US, the Netherlands, and Brazil. Founded in 2018, the company had already raised $33.5 million in a Series A round in October 2019 led by Bessemer Venture Partners. In April 2020, Choco raised $30.2 million in another Series A extension round led by Coatue Management, with participation from existing investors including Bessemer Venture Partners, Atlantic Labs, Target Global, Visionaries Club, and Greyhound Capital. This brought total known funding to $71.5 million. Coatue Chairman Dan Rose joined the board; the deal was sealed in January 2020 before the COVID-19 impact. Choco reported nearly 90,000 orders placed via its platform in February 2020 alone, indicating strong early traction despite the impending pandemic challenges to the restaurant industry. The funding was intended to enhance the platform, support growth, and consolidate presence in existing markets, with ample cash remaining from the prior round. |
| Oct 2019 | Series A | Bessemer Venture Partners (lead); MPGI; Atlantic; Target Global; Discovery Ventures; Visionaries Club; Greyhound Capital | $34M | - | Choco is a Berlin-based technology company founded in 2018 that provides a digital platform for restaurants to order ingredients from suppliers, aiming to streamline procurement, reduce food waste, and digitize the food supply chain. The Series A round in October 2019 raised $33.5 million led by Bessemer Venture Partners, with participation from Atlantic Labs, Target Global, Visionaries Club, Greyhound Capital, and others, to expand platform capabilities and scale operations across Europe and the US. A follow-on $30.2 million extension in early 2020 led by Coatue doubled valuation to approximately $250 million. By 2021, Choco had grown significantly, processing nearly 90,000 orders in February 2020 alone and expanding to markets including Germany, France, Spain, Austria, Belgium, and the US with offices in Berlin and New York. A $100 million Series B in July 2021, led by Left Lane Capital with Insight Partners, Coatue, and Bessemer, valued the company at $600 million post-money, bringing total funding to $171.5 million. Orders had quadrupled in the prior year; later gross merchandise value reached $900 million annualized. Choco continued raising capital, achieving unicorn status with a $1.2 billion valuation in a Series B2 round in April 2022 and additional Series B extensions through 2023, totaling over $300 million from 17 investors. The platform serves over 10,000 active restaurants and suppliers, focusing on technology for a connected global food system amid challenges like food waste estimated at 40% in the US and $2.6 trillion globally annually. |
Who has invested in Choco?
13 investors have backed Choco across its funding rounds, including Bessemer Venture Partners, Insight Partners, Coatue, Atlantic, Left Lane Capital and G Squared.
Lead investors include G Squared, Left Lane Capital, Coatue and Bessemer Venture Partners.
Choco Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 5 | Lead | Oct 2019 | |
| Berlin | 3 | Participant | Oct 2019 | |
| New York City, NY | 3 | Lead | Jul 2021 | |
| Chicago, IL | 3 | Lead | Apr 2022 | |
| Berlin | 3 | Participant | Oct 2019 | |
| New York City, NY | 3 | Lead | Apr 2020 | |
| New York City, NY | 3 | Participant | Jul 2021 | |
 London | 2 | Participant | Oct 2019 | |
| London | 2 | Participant | Oct 2019 | |
| London | 1 | Participant | Oct 2019 | |
| Germany | 1 | Participant | Apr 2020 | |
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Start Free TrialAcquisitions by Choco
Choco has acquired 2 companies to date.
Last acquisition by Choco was on January 23rd 2023. Choco acquired Katoo for undisclosed valuation.
Latest Acquisitions by Choco
| Description | Katoo is a Paris-based platform connecting restaurants with food suppliers via a mobile app. Diners place orders for ingredients in digital formats, streamlining procurement and reducing administrative time for both parties to focus on operations. | Refill is an ordering app for retailers streamlining inventory restocking. UK-based, it integrates with suppliers for automated reorders, demand forecasting, and delivery tracking, serving convenience stores and independents. |
| HQ Country |  | |
| HQ City | Madrid | Hamburg |
| Deal Date | 23 Jan 2023 | 16 Jun 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Choco Competitors
Choco competitors include listed companies like Talabat and Instacart, and private ones like Rohlik, Kitopi, Flink and ezCater.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Prague | Private | $345M | - | $1.2B | 3.5x | |
 Dubai | Private | - | - | $1.6B | - | |
| Berlin | Private | $500M | - | $900M | - | |
| Boston, MA | Private | - | - | $1.6B | - | |
| UAE | Publicly listed | $1.7B | $323M | $7.3B | 1.5x | |
| United States | Publicly listed | $3.7B | $598M | $11B | 2.4x |
Choco Public Comps
Choco is still privately-owned, but its public comps include The RealReal, Alma Media, Baltic Classifieds Group, Upwork, Mony Group, Liquidity Services, Izumi Co, Indiamart, Tripadvisor and LegalZoom.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $693M | $15M | 2.2x | 2.0x | 99.6x | 24.6x | |||
| $377M | $110M | 3.8x | 3.7x | 13.1x | 11.6x | |||
| $102M | $79M | 11.2x | 10.9x | 14.5x | 14.1x | |||
| $788M | $180M | 1.0x | 1.1x | 4.6x | 3.6x | |||
| $599M | $184M | 2.3x | 2.3x | 7.5x | 7.1x | |||
| $477M | $45M | 2.4x | 2.4x | 24.9x | 14.4x | |||
| $3.7B | $300M | 0.6x | 0.6x | 6.9x | 6.8x | |||
| $164M | $70M | 4.2x | 4.1x | 9.9x | 11.9x | |||
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Common questions about Choco
| When was Choco founded? | Choco was founded in 2018. |
| Where is Choco headquartered? | Choco is headquartered in Berlin, Germany. |
| Is Choco publicly listed? | No, Choco is a private, VC-backed company. |
| What is Choco's valuation? | Choco was last valued at $1.2B in its Series B in April 2022. |
| How much funding has Choco raised? | Choco has raised $336M across 6 funding rounds. |
| What was Choco's last funding round? | Choco's last funding round was a $26M undisclosed-stage round in February 2023. |
| Who are Choco's investors? | Choco's investors include Bessemer Venture Partners, Atlantic, Left Lane Capital, G Squared, Visionaries Club, Coatue, Insight Partners, Target Global, Greyhound Capital, MPGI and 3 others. |
| Which companies are comparable to Choco? | Companies comparable to Choco include Rohlik, Kitopi, Flink, ezCater, Talabat and Instacart. |
| How many companies has Choco acquired? | Choco has acquired 2 companies, including Katoo and Refill. |
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