Choco, a company that’s setting out to digitalize the global food system with a platform that connects restaurants to the supply chain, has raised $30.2 million in a round of funding led by New York-based hedge fund Coatue Management. Choco said it is now valued at more than $200 million.
Founded out of Berlin in 2018, Choco meshes mobile commerce and messaging into a single platform to help restaurant owners and food suppliers take all their orders and communications online. Choco works with some 10,000 wholesalers and producers globally, helping them create product catalogs to upload to Choco’s platform. Suppliers can elect to receive orders via an online dashboard, email, text, or fax — hinting at the old-school channels still employed by many across the industry. The platform allows suppliers to maintain their internal workflows while making it easier for their buyers to place orders.
“The food and restaurant industry produces the most essential good in the world, but still relies heavily on pen and paper. Our vision to digitalize this industry for a more sustainable future requires immense coordination and funding. We are at a time of global crisis where our industry needs the help – and the digital tools – to keep businesses running. The time is ripe for innovation and Choco is well positioned to help our industry be a force for positive change in the world, which is why we are doing the most to support our restaurant and supplier partners. The restaurant industry is one of the oldest industries in the world, so we are here to ensure it will weather the crisis and thrive.”