Choco, a new unicorn at the service of restaurants

by time news

The Franco-German start-up founded in 2018 is valued at more than 1 billion euros.

The French unicorn park welcomes a newcomer. Choco, a Franco-German start-up founded in 2018, takes its place alongside Doctolib, Back Market, ManoMano or Vestiaire collective in the circle of companies valued at more than 1 billion euros.

The company intends to revolutionize the daily lives of restaurateurs. Choco is in charge of digitizing via an app the orders they place with their suppliers, as well as the exchanges they have with them. It has just raised 102 million euros from the G Squared and Insight Partners funds, which values ​​it at 1.12 billion euros. Barely six months ago, it had raised 82.5 million euros.

A promising market

The market in which Choco is positioned is promising, believe investors, because the activity of restaurateurs is not very digitized. “Most orders are placed on paper, leaving a message late at night on an answering machine, which is a tiring (…) and error-prone process.observes Choco. No data is therefore shared in real time, the supply chain remains very opaque and the manual workload incredibly high.»

But times are changing. Last month, the total value of orders placed through the Choco app exceeded 1.1 billion euros, the company claims, and the number of its users worldwide has grown by 350% since January 2021. The start -up claims 15,000 restaurateurs – for whom the application is free – and some 10,000 user suppliers – who have the choice between free and a paid premium formula.

The funds raised will enable it to develop “new features to accelerate its strong growth in Europe and the United States” and “to open new markets”.

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