Berlin - Schnittker Möllmann Partners (SMP) has advised the Berlin-based foodtech company Choco on the Series A-2 financing round. The round amounts to 30,2 mio USD. The New York hedge fund Coatue Management is the lead investor with Bessemer Venture Partners, Atlantic Labs, Target Global and Contemporary Food Labs also participating.
"With Coatue Management, a fund that has already invested in Lyft, Uber and Snapchat, the Choco team adds another very experienced and renowned investor. Choco has thus created a stable basis for the further expansion of international growth. We have been accompanying Choco for some time now and are pleased to have supported during this milestone as well," said Ansgar Frank, Associated Partner at SMP.
Choco offers a platform for restaurants and wholesalers that can be used to optimize the supply chain. Choco is using the fresh capital for its new B2C delivery service under the name ‚Choco Market'. With this service, Choco creates a direct connection between private households and wholesalers solving current challenges on both sides. On the one hand the demand for food in private households increased significantly. At the same time, Choco is solving the problem of the current surplus of food of restaurant quality and unused resources of the wholesale with the new service.
The foodtech already operates in 17 markets, including Germany, France, Spain, the Netherlands, Austria, Belgium, Brazil and the USA. The new B2C delivery service will be rolled out in all markets.