Companies · Manufacturing

Trade Secret Chocolates, LLC

INDIANAPOLIS · Manufacturing

Diligence memoA one-page analyst read on Trade Secret Chocolates, LLC — recommendation, valuation, rhythm, risks.
$32.1M
Total raised · real
5
Rounds
10.8×
Latest step-up
Top 10%
Sector rank · raised
Series B
Latest stage · inferred · Mon Jul 31 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Trade Secret Chocolates, LLC looks over-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the manufacturing sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.58× the median modeled value of Series B Manufacturing companies in 2022–2024 (44 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.9 yr ago; this sector typically re-raises about every 12 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Trade Secret Chocolates, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
9.8 yr record
Peak capital year was 2023 with $27.6M across 1 filings.
Market position
ahead of 91% of Manufacturing peers
Capital scale is ahead of 91% of Manufacturing peers; modeled value is above 91% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2023: $27.6M across 1 filings.
  • Largest single filing was $27.6M on 2023-07-31.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Manufacturing

Trade Secret Chocolates, LLC is one of 3257 Manufacturing companies tracked from INDIANAPOLIS. By capital raised it ranks among the largest (ahead of 91% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
46
Investors (latest)
2023-07-31
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$50M$100M$150M$200MPre-Seed · 2016-08-29 Raised $188K (real) Modeled valuation $2.9M (est)Pre-Seed2016Pre-Seed · 2016-08-29 Raised $356K (real) Modeled valuation $5.4M (est)Pre-Seed2016Pre-Seed · 2016-08-29 Raised $356K (real) Modeled valuation $5.4M (est)Pre-Seed2016Pre-Seed · 2019-03-13 Raised $374K (real) Modeled valuation $5.7M (est)Pre-Seed2019Seed · 2021-01-11 Raised $1.1M (real) Modeled valuation $12M (est)Seed2021Seed · 2022-06-22 Raised $2.5M (real) Modeled valuation $17M (est)Seed2022Series B · 2023-07-31 Raised $28M (real) Modeled valuation $177M (est)Series B2023+$356K+$356K+$374K+$1.1M+$2.5M+$28MCumulative $33M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$188K · 2016
Pre-Seed extension$356K · 2016
Pre-Seed extension$356K · 2016
Pre-Seed extension$374K · 2019
Seed$1.1M · 2021
Seed extension$2.5M · 2022
Series B$27.6M · 2023no Series A on file

Stages are modeled from round size (public records carry no series label). No record for: Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 75%.

Modeled valuation trajectory
$177.2M
Base estimate est.
$70.5M
Conservative case
$378.3M
Upside case
$153.5M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the manufacturing sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $2.9M · 2016-08-292016Pre-Seed · modeled $5.4M · 2016-08-29Pre-Seed · modeled $5.4M · 2016-08-29Pre-Seed · modeled $5.7M · 2019-03-13Seed · modeled $12.0M · 2021-01-11Seed · modeled $17.3M · 2022-06-22Series B · modeled $177.2M · 2023-07-312023
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
69%
Survival probability
46% low · 85% high
1.19×/yr
Annual markup
1.44×/yr upside case
2.9 yr
Elapsed time used
2.9 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
14 mo
Avg between rounds
$4.6M/yr
Capital velocity
9.8 yr
On record since
2016
First round
7
Rounds on file
How it compares to the market

Benchmarked against 3257 companies in Manufacturing. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 16× above median
This company$32.1M
Sector median$2.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 1.5× above median
This company$27.6M
Sector median$18.5M
Modeled value — vs sector median (estimate, all stages) 15× above median
This company$177.2M
Sector median$12.0M

Raised more than 91% of sector peers (real $). Modeled value above 91% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #8 of 44.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0MCapital raised (log)Stryve Foods, Inc. · Series B Raised $35.0M · modeled $294.7M (est)JW Rutledge Distillery, LLC · Series B Raised $34.0M · modeled $276.3M (est)Orange EV LLC · Series B Raised $35.0M · modeled $267.9M (est)Brondell Inc. · Series B Raised $28.6M · modeled $230.0M (est)Advantest Corp · Series B Raised $26.1M · modeled $204.8M (est)Endera Corp · Series B Raised $55.9M · modeled $200.9M (est)Goldback Inc. · Series B Raised $35.0M · modeled $197.4M (est)VGI Plastics Sub Acquisition Company, LLC · Series B Raised $22.3M · modeled $163.9M (est)Lemurian, Inc. · Series B Raised $33.0M · modeled $158.2M (est)Selkirk Pharma, Inc. · Series B Raised $82.1M · modeled $152.7M (est)Xos, Inc. · Series B Raised $20.0M · modeled $152.0M (est)Trade Secret Chocolates, LLC (this company) Raised $32.1M · modeled $177.2M (est)Trade Secret Chocolates, LLC
CompanyStageRaised · realValue · estvs peer med.
Stryve Foods, Inc.Series B$35.0M$294.7M2.64×
JW Rutledge Distillery, LLCSeries B$34.0M$276.3M2.47×
Orange EV LLCSeries B$35.0M$267.9M2.40×
Brondell Inc.Series B$28.6M$230.0M2.06×
Advantest CorpSeries B$26.1M$204.8M1.83×
Endera CorpSeries B$55.9M$200.9M1.80×
Goldback Inc.Series B$35.0M$197.4M1.77×
Trade Secret Chocolates, LLC this companySeries B$32.1M$177.2M1.58×
VGI Plastics Sub Acquisition Company, LLCSeries B$22.3M$163.9M1.47×
Lemurian, Inc.Series B$33.0M$158.2M1.41×
Selkirk Pharma, Inc.Series B$82.1M$152.7M1.37×
Xos, Inc.Series B$20.0M$152.0M1.36×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$188K2016-08-29$1.0M$2.9M90%
Pre-Seed$356K2016-08-29$2.0M$5.4M90%
Pre-Seed$356K2016-08-29$2.0M$5.4M90%
Pre-Seed$374K2019-03-13$2.1M$5.7M90%
Seed$1.1M2021-01-11$5.8M$12.0M90%
Seed$2.5M2022-06-22$12.8M$17.3M90%
Series B$27.6M2023-07-31$153.5M$177.2M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$188K2016-08-29
    • First recorded raise — entered as Pre-Seed.
    • 5 investors on this round.
  2. Pre-Seed$356K2016-08-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.9× larger than the prior — scaling up.
    • 12 investors on this round.
  3. Pre-Seed$356K2016-08-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 12 investors on this round.
  4. Pre-Seed$374K2019-03-13
    • Raised again after 30 mo — slower than the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  5. Seed$1.1M2021-01-11
    • Raised again after 22 mo — slower than the ~12 mo sector norm.
    • Round 3.1× larger than the prior — scaling up.
    • Switched to Rule 506(c) (was Rule 506(b)).
    • 8 investors on this round.
  6. Seed$2.5M2022-06-22
    • Raised 17 mo later, in step with the ~12 mo sector norm.
    • Round 2.2× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 4 investors on this round.
  7. Series B$27.6M2023-07-31
    • Raised 13 mo later, in step with the ~12 mo sector norm.
    • Round 10.8× larger than the prior — scaling up.
    • 46 investors on this round.
Intelligence
2024 ~Q3
Modeled next raise · ~14mo cadence
$82.9M
Modeled next size est.range $53.9M$132.6M
10.8×
Last step-up
$4.6M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Andrew J. Walter2023-07
Brad C. Todd2023-07
Elliott C. Parker2022-06
Garret C. Flynn2022-06
Jim C. Strickland2021-01
Justin Koji Otani2023-07
Mark Stewart Long2021-01
Matthew J. Rubin2021-01
Matthew Rubin2016-08
Rajan J. Gajaria2023-07
Robert C. Kirch2021-01
Robert C. McDonald2021-01
Registry & provenance

Trade Secret Chocolates, LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1687366
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Cpg International Inc.ManufacturingSeries B$32.4M$268.3Msame sector · same stage
MacroFab, Inc.ManufacturingSeries B$31.2M$143.1Msame sector · same stage
Lemurian, Inc.ManufacturingSeries B$33.0M$158.2Msame sector · same stage
Lehigh Technologies, Inc.ManufacturingSeries B$31.0M$77.8Msame sector · same stage
ACP Lumber Holdings, LLCManufacturingSeries B$30.4M$290.3Msame sector · same stage
International Metals Trading, LLCManufacturingSeries B$34.0M$77.1Msame sector · same stage
JW Rutledge Distillery, LLCManufacturingSeries B$34.0M$276.3Msame sector · same stage
Inventwood Inc.ManufacturingSeries B$30.0M$62.8Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
World's Finest Chocolate, Inc.ManufacturingSeries A$76.1M87%
French Broad Chocolates LlcManufacturingPre-Seed$7.6M86%
Sweet Tooth Holdings, LLCManufacturingSeries A$41.5M81%
Cookie Enterprises Inc.ManufacturingSeries A$31.2M80%
Happy Confection LLCManufacturingPre-Seed$1.0M79%
Twenty-Two Desserts, Inc.ManufacturingPre-Seed$2.1M79%
Keytone Dairy Corp LtdManufacturingSeries A$111.1M78%
Chococeuticals, IncManufacturingPre-Seed$1.3M78%
Frequently asked
How much funding has Trade Secret Chocolates, LLC raised?
Trade Secret Chocolates, LLC has raised approximately $32.1M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Trade Secret Chocolates, LLC's estimated valuation?
Provath's modeled valuation for Trade Secret Chocolates, LLC is approximately $177.2M (modeled range $70.5M–$378.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Trade Secret Chocolates, LLC at?
Trade Secret Chocolates, LLC's latest modeled financing stage is Series B. Its most recent recorded round closed around Mon Jul 31.
What does Trade Secret Chocolates, LLC do and where is it based?
Trade Secret Chocolates, LLC operates in the Manufacturing sector, based in INDIANAPOLIS.
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