Choco raises $100mn series B round

Choco, a software company which connects restaurants and suppliers, has raised USD 100mn for its series B funding round, which was led by Left Lane Capital. Other investors were Insight Partners and existing investors Coatue Management and Bessemer Venture Partners.

The round is hot on the heels of its series A round in which it raised USD 63.7mn just over a year ago and the funding will go towards growing its existing customer footprint in its six current markets: the United States, Germany, France, Spain, Austria and Belgium. It will also expand into new markets and double its headcount by the year’s end.

Choco facilitates food procurement with the aim of making the food supply chain more transparent and sustainable. At its core, it is a digital ordering workflow and communication tool for restaurants and suppliers to facilitate food procurement and reduce waste—food waste is the third-largest driver of climate change and the single-largest reason for deforestation.

Background
Coco was founded in 2018 by Daniel Khachab, Julian Hammer and Rogerio da Silva Yokomizo. To date it has raised USD 171.5mn and connects restaurants, producers and suppliers to help them save time, money and food during the purchasing process.