Choco, a supply chain technology provider, has raised $100 million to continue developing its digital ordering system.
The European company offers restaurants a free online platform for ordering goods. It consolidates all of a restaurant's suppliers into a single, messenger-like app that is designed to make ordering easier and faster while cutting down on errors. Its ultimate goal, Choco said, is to make the global food system more sustainable.
"We have a big mission: to eradicate food waste," said Choco CEO Daniel Khachab in a statement. "This [funding] allows us to act big and global, to assemble a world-class team and deliver a product and service that is indispensable for restaurants and suppliers looking to operate more profitably, efficiently and sustainably."
Restaurants' rapid adoption of technology during the pandemic translated to major growth for Choco: Transaction volume on its platform quadrupled in the past year, the company said. It will use the fresh funding to continue that momentum, expanding from its current eight markets into several new ones and doubling its staff. It recently hired Vikas Gupta, a former head engineer for Uber and Facebook, as its chief technology officer.
The Series B round was led by Insight Partners and Left Lane Capital, with contributions from existing investors Coatue Management and Bessemer Venture Partners. It builds upon a $63.7 million Series A round last year.
Choco is free for restaurants, though there are optional paid upgrades.
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