Gastro app Choco raises 85 million euros

This means that investors value the food start-up at more than 500 million euros. In addition, the conversion to a fintech follows.

Choco, a Berlin-based ordering platform for restaurateurs, has raised more than 100 million US dollars (the equivalent of just under 85 million euros) from US investors in its Series B financing round. The round is led by New York VC Left Lane Capital. Insight Partners, also from New York, and the existing investors, i.e. the hedge fund Coatue and the Californian VC Bessemer Venture Partners, are also involved. After the round, the backers value the start-up Choco at more than 500 million euros.

Choco offers an ordering platform for restaurateurs to communicate with wholesalers and receive invoices. In spring 2020, the Berlin-based start-up raised 145 million euros in its Series A round. The money from the current round will go towards new management staff, among other things, CEO Daniel Khachab tells Gründerszene. New managers are to come from Silicon Valley.Just recently, Choco brought Dropbox's head of technology Vikas Gupta to the startup as its new CTO. The personnel is said to have cost a seven-figure sum, writes Gründerszene.

The startup is also putting capital into new technology so that Choco can offer financial services in the future. Currently, the startup is building connections with partner banks that could process payments for Choco. This should enable restaurants to pay their bills directly via Choco.