Berlin-based Choco, which makes ordering tools for restaurants and suppliers, raises a $111M Series B2 at a $1.2B valuation, bringing its funding to $282.5M
Context & Ripple Effects
Choco has now tripled its valuation in two years: the $30.2M round led by Coatue in April 2020 priced it near $250M, and last July's $100M Series B led by Left Lane Capital put it at $600M. Today's $111M Series B2 doubles that to $1.2B in under nine months, taking total funding to $282.5M.
The raise lands amid a broader capital push into restaurant-side software: Deliverect raised $65M for aggregating delivery orders, and Lunchbox followed its $20M Series A with a $50M Series B just over two months ago — all while Berlin-based Productsup pulled in $70M for brand e-commerce tooling.
First-order effects
- Choco gains a war chest sized to outspend rivals like Deliverect ($90M total) and Lunchbox ($70M total) on sales into restaurants and their suppliers, where it now sells ordering tools on both sides of the transaction.
- Coatue, which backed Choco early and also led Lunchbox's rounds, is now positioned across competing restaurant-ordering platforms as each scales toward consolidation.
Second-order effects
- Deliverect and Lunchbox face pressure to raise again or differentiate — Choco's supplier-side ordering reach gives it a data and workflow moat that pure delivery-aggregation or direct-ordering plays lack.
- Food distributors and suppliers become the contested channel: whoever owns the ordering layer between restaurants and suppliers captures pricing and inventory visibility that upstream players currently hold.
Third-order effects
- If the pattern holds, foodservice software consolidates around platforms that connect both sides of the order — pushing independent distributors toward whichever system becomes the default interface, with Europe (Choco) and North America (Lunchbox, Deliverect) emerging as distinct battlegrounds.
The trend: Restaurant operations software is absorbing outsized venture capital as investors bet the ordering layer between restaurants and suppliers becomes the industry's system of record.