Choco has recently announced a collection of 102 million euros in series B2 financing, with a €1.12 billion valuation in February 2022. The technology company is specialized in building a better food system for restaurants and suppliers.
This round comes just six months after Choco’s $100 million Series B, which is Almost double your valuation. The company thus obtains unicorn Status, just three and a half years after its creation. The internal round is led by current US-based growth investors G Squared along with Insight Partners.
The financing comes after a growth of 333% in Spain in the last year (350% of Choco users worldwide). Choco will use the additional funding to drive continued technological innovation, support its strong growth in Europe in general, and in Spain in particular, as well as in the United States and emerging markets.
«The volume of transactions in Spain exceeded 120 million euros last year – says Daniel Khachab, CEO of Choco- the high demand from restaurant groups in Barcelona and Madrid, such as Fat Barbies, Casa Carmen, Tiki Poke, Gôut Rouge, Toma Café, Salitre (Vespok Group), Roots or Casa Neutrale, have reinforced the need for solutions that make food supply chains transparent and sustainable, increase the margins of this sector and combat climate change.”
More than 15,000 active users
Choco has more than 15,000 active users and more than 10,000 providers worldwide. The human team in Spain exceeds 25 peopleout of a total of 400 employees.
“This new round of funding will allow us to increase the speed and scale of our product development, customer service and geographic expansion, as part of our main goal: zero food waste by 2026”Khachab says.
Choco’s software digitizes ordering, supply chain and communications for suppliers and restaurants, a €7.5 billion market in Spain that today conducts most transactions with pen and paper or spreadsheets manuals. This leads to a lack of real-time data, which is exacerbated by opaque supply chains and high operational workloads, making it difficult for suppliers to accurately balance supply and demand while juggling costs. logistical challenges.
These inefficiencies mean that, on average, some 1.3 billion kilos of food are wasted every year in Spain, which makes food waste a crucial factor for climate change. Choco’s platform solves this problem by digitizing the wholesale food market around the world.
“We believe that both restaurants and the foodservice industry will need to adopt digital tools to be competitive in the long term – explains Larry Aschebrook, managing partner of G Squared- Choco is building a powerful ecosystem that will help the industry enter the 21st century ”.
According to Aschebrook, Choco may be the “backbone of restoration in the coming years”. Your software already displays a few “Impressive levels of user engagement and true value creation for customers; we are excited to see how Choco fulfills its potential to modernize the food supply chain, at a time when we believe it is more necessary than ever”Add.