Selling shares · Choco

How to sell your Choco shares

Hold vested shares or options in Choco (foodtech, Germany)? Here's how a private secondary sale works, the rules that apply in Germany, who buys, and what to expect.

Choco is a private Germany-based foodtech company. A platform digitising ordering between restaurants and their food suppliers. If you hold vested shares or options in Choco and want to turn part of that into cash before an IPO or acquisition, this is a plain-English guide to how a private secondary sale actually works — and what's specific to Choco and to Germany.

Independent guide. PrivateTechShares is not affiliated with, endorsed by, or connected to Choco. This is general educational information for people who already hold Choco shares or options. Always check your own share/option agreements and take professional advice. We do not recommend or endorse any transaction: whether to buy or sell, and on what terms, is entirely the individual decision and responsibility of the buyer and seller, based on their own due diligence.

Can you sell Choco shares before an exit?

Often, yes. Selling existing shares you own in a private company to a private buyer, before the company is sold or lists, is called a secondary sale. It's possible for Choco shares if they're vested and transferable, and once you've cleared Choco's transfer rules. There's no public market for a private company, so a sale is a private, negotiated transfer.

The rules that apply in Germany

How a sale works, and how it's taxed, depends on the rules in Germany — transfer formalities, any right of first refusal, and the tax on a gain. We've written a dedicated plain-English guide: selling startup shares in Germany. Read it alongside this page.

Who buys Choco shares

There are a few realistic buyers: Choco itself (if it runs a buyback or tender), existing investors or shareholders (often via a right of first refusal), the investor in Choco's next funding round, and — when those don't apply — a private individual investor who wants exposure to Choco. The hard part for a holder is understanding what you actually own, what it might be worth and how a private transfer works. That's what our guides and toolkit are for.

What to expect on price

A private, minority, all-cash secondary usually happens at a discount to Choco's last headline valuation — because the buyer takes an illiquid stake with no guaranteed exit, and because you likely hold common shares, worth less than investors' preferred shares. See what discount is fair for a realistic range.

Thinking about selling your Choco shares?

Exercising, holding or selling equity is usually a one-way decision. Doing it well takes a real assessment — what you hold, what it's realistically worth, the transfer rules that apply, and the tax. The equity toolkit is exactly that homework in one place: the free tools give you the numbers; the toolkit turns them into a decision you can stand behind.

Get the equity toolkit →

Questions people ask

Can I sell my Choco shares before an exit?

Often yes. If you hold vested, transferable shares in Choco you can sell them to a private buyer in a secondary before an IPO or acquisition, subject to Choco's transfer rules — typically a right of first refusal and board or company approval. If you hold options rather than shares, you generally exercise them into shares first. Choco is a private company, so there is no public market; a sale is a private, negotiated transfer.

How much are my Choco shares worth?

There is no live price for a private company like Choco. A rough estimate starts from the price per share at its most recent funding round, adjusted for your share class and a discount for a private, minority, illiquid stake. Use our free valuation estimator as a starting point.

Who buys Choco shares?

Typically Choco itself (via a buyback or tender), existing investors or shareholders (often via a right of first refusal), the investor in an upcoming round, or a private individual investor seeking exposure to Choco.