Diligence memo · auto-generated · as of July 2, 2026
Trade Secret Chocolates, LLC
Trade Secret Chocolates, LLC looks over-valued against its niche peers and is at-risk on financing cadence.
Businessfiled
Trade Secret Chocolates, LLC operates in Manufacturing, based in INDIANAPOLIS.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Trade Secret Chocolates, LLC has raised $32M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $28M on 2023-07-31.
Most recent recorded round closed around 2023-07-31.
Valuation (modeled)modeled
Provath models Trade Secret Chocolates, LLC at approximately $177M (range $70M–$378M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: 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.
Financing rhythm & timingmixed
Historic cadence: a new round about every 14 months.
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.
The last round stepped up 10.8× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 91% of Manufacturing peers (3257 compared).
Modeled value ranks above 91% of those peers.
Closest niche peers: Stryve Foods, Inc., JW Rutledge Distillery, LLC, Orange EV LLC, Brondell Inc., Advantest Corp.
Peoplefiled
12 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.