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Analysis date: November 1, 2026

← Deal pipeline

P1 · research first

Choice

Hospitality / restaurant operating system.
  • Primary existing financial model: Medida
  • Leading current comparative diligence: Choice

Profile

Sector
Hospitality / restaurant operating system
Geography
Czech Republic
Reported financing
$7.1M Series A reported March 2026

Funding raised is not ARR or valuation.

Funding stage
Series A
Public traction evidence (original desk screen, March 2026 era; see Phase 3 supplement for latest)
Reported >7,000 paying restaurants among >30,000 registered; ~1.5M monthly orders and ~€35M monthly GMV; GMV is NOT revenue
Revenue disclosure status
Not publicly verified
2026 revenue
Not publicly verified
Research priority
P1 Order of further research; analyst judgment from the research package, not a recommendation.
Investment readiness
Investability unconfirmed. Not yet underwritten
Core diligence concern
Verify paid ARPA, ARR, payment take rate, churn, countries and credible ownership entry price
Mandate-fit hypothesis (analyst judgment, unverified)
Strong reported paying-customer proof, SaaS-plus-payments expansion, CEE geography
No forecast or underwriting has been built for Choice: public revenue and valuation data are not in the research package. The Medida forecast and its MOIC/IRR do not apply to Choice.

Missing information

  • ARR and 2026 revenue
  • Customer and retention data
  • Entry valuation and ownership availability

Phase 3 research supplement

Comparative diligence v1.0, as of 2026-11-01. Separate from the original sourced research; older observations are kept.

Lead diligence Research priority label, not an investment approval.

Choice public operating observations by date and source
ObservedMetricReported valueSourceStatus
2026-10-19Paying restaurants (management-reported)More than 9,000S03 founder interview reported by independent publisher, founder interview. Choice founder interview, The Next Web, October 19, 2026 (opens in new tab)Latest
2026-10-19Orders per monthMore than 2MS03 founder interview reported by independent publisher, founder interview. Choice founder interview, The Next Web, October 19, 2026 (opens in new tab)Latest
2026-10-19Merchant transaction volume (GMV) per month

Restaurants' sales volume, not Choice revenue.

Approximately $50M (USD)S03 founder interview reported by independent publisher, founder interview. Choice founder interview, The Next Web, October 19, 2026 (opens in new tab)Latest
2026-03-17Paying restaurants (management-reported)More than 7,000S02 investor press release, investor press release. Choice Series A press release, Alea Capital, March 17, 2026 (opens in new tab)Historical

All values are management- or press-reported public statements. None is audited. ARR, net revenue retention, gross margin and 2026 valuation: Not publicly verified.

Merchant GMV is not Choice's revenue

The approximately $50M monthly figure is restaurants' transaction volume. Choice's own revenue (subscriptions plus any payment take rate) is not disclosed.

Compliance diligence issue: review solicitation workflow (unverified)

The October 2026 interview describes a review-routing workflow that steers positive reviews toward Google while negative feedback stays private. Google's user-contributed content policy (opens in new tab) prohibits selectively soliciting positive reviews. This is an open diligence question requiring an external audit. It is not a finding of a policy breach.

Principal risks

  • Unit economics and realized recurring subscription ARPA are private
  • Merchant order GMV is not company revenue and payment take rate unverified
  • Competition from POS and ordering incumbents
  • Operational complexity of localization and 130+ employee operating base
  • October interview describes a review routing workflow requiring compliance diligence under Google policy
  • March 2026 Series A does not prove availability of a new financing or an acceptable valuation

Outstanding diligence requirements

  • 2025-2026 monthly GAAP revenue by subscriptions, gross/net payment take rate and services
  • MRR/ARR reconciliation from billed active restaurants and realized average revenue per account
  • GRR/NRR, logo churn and cohort retention, by country and vintage
  • Acquisition cost/payback, gross margin, support and onboarding burden
  • External audit of review solicitation and Google policy compliance
  • Cap table, next-round timing, entry pricing and information rights

Sourcing research collection

25-company desk screen. Each source supports only the stated funding, description and traction.