The funding will help Choco enhance its food procurement technology. Here are the top-line bullets you need to know.
Choco, a restaurant technology company, has raised $100M in Series B. The round drew participation from Left Lane Capital, Insight Partners, Bessemer Venture Partners, and Coatue Management.
HOW’S THE COMPANY PERFORMING?
- Germany-based Choco is a restaurant order management application that connects restaurants with suppliers to improve the order process. The company reportedly facilitates more than 100,000 orders per month.
- In 2020, Choco’s annualized gross merchandise value grew from $230M to $900M.
- The company currently operates in 6 markets in the US and Europe, catering to more than 10,000 active customers on its platform along with more than 15,000 chefs.
WHY DOES THE MARKET MATTER?
- The global restaurant management software market is projected to grow at a CAGR of 14.2% to reach a value of $6.91B by 2028, according to Growth Market Reports.
- Several restaurants are opting for various restaurant-focused software technologies for billing, inventory management, and supply chain management, among other areas. These developments will substantially increase the growth of the market.