Choco

History

2020: Target Global invested in Choco

In the middle of April, 2020 the fund with the Russian roots Target Global took part in a new round of investments into Choco startup — developer of the platform and mobile application who allow restaurants quickly and on a centralized basis to order all necessary products from wholesale suppliers. During a new round which volume was $30.2 million the company was estimated at $250 million.

Total investment in a fudtekh-startup for April, 2020 was $71.5 million.

The fund with the Russian roots Target Global invested in the fudtekh-company

Along with Target Bessemer Venture Partners, Atlantic Labs, Target Global and Greyhound joined a new round of investments. Headed Coatue Management round. Based on the reached agreements, the chairman of Coatue Dan Rose, the veteran of the industry with a 20-year experience and one of the former heads of Facebook, will join Choco the board. Also Bennet Siegel (Bennett Siegel), the partner of Coatue will enter it.

New means will help Choco will continue the mission for reduction of product waste (the company claims that about 30-40% of all food in the world are thrown out) and to satisfaction of global hunger by stability augmentation and efficiency of world supply chains of food — contains in the message of the company. — It is an important mission in during shocks and uncertainty when restaurants and suppliers have to spend considerable resources for search of each other.

Choco is going to spend new funds for the Direct to Consumer program within which producers of products will be able to understand better demand of end consumers and to react more effectively to it by means of platforms of e-commerce. The program will be started in all 17 countries in which Choco performs activity, including Germany, France, Spain, the Netherlands, Austria, Belgium, Brazil and the USA.

Besides, the company announced intention to donate up to 100% of the profit in regional funds for support of the industry of public catering until restaurants are able to open again.^[1]

Notes