Food tech startup Choco closes $100 million Series B

Berlin-based startup, Choco, which has built ordering software for restaurants and their suppliers, has raised $100 million in Series B funding.

This was led by Left Lane Capital and gives it a $600 million post-market valuation.

The round comes just over a year after Choco's $63.7 million Series A and brings its funding to a total of $171.5 million in three years.

The company, which has over 10,000 active restaurants and suppliers on its platform across the US and Europe, says that it is on a mission is to make the food supply chain more transparent and sustainable.

It will use the latest funding to fuel global growth and continue building its technology.

"Food supply chains across the globe have been stress tested in the last 15 months due to the Covid-19 pandemic,” says Daniel Khachab, Choco CEO.

“This financing round enables us to build the technological backbone to make global food systems resilient, flexible and less wasteful.”

“We have a big mission: to eradicate food waste – and this capital allows us to expand globally, assemble a world class team and deliver a product and service that is indispensable for restaurants and suppliers looking to operate more profitably, efficiently and sustainably.”

"Choco has established itself as the leading digital food procurement platform globally, and we're excited to support the company's growth into new markets, while continuing to build out best-in-class technology and payment tools for its customers,” comments Harley Miller, Founder and Managing Partner at Left Lane Capital.

“Having spent over a decade investing in the broader food tech landscape, we've seen that the wholesale/procurement side of the marketplace has experienced the least amount of innovation and received a fraction of the investment dollars. Choco is here to change that.”