This study aims to analyze the effect of co-creation consisting of Dialogue, Access To Information, Risk Assessment and Transparency or DART models on the perceived value and satisfaction of GoFood merchants. Co-creation is a procedure for making a service through the results of input from customers to support innovation process by the company. This research was conducted on MSMEs in Surabaya and active as GoFood merchants. Determination of sample is done by purposive sampling with total of 320 merchants. The data was collected using a questionnaire and analyzed using the SEM PLS. The results of study explain that dialogue, access to information, risk assessment, and transparency have a significant positive effect on merchant's perceived value and merchant's satisfaction on GoFood services in Surabaya. The results of the study also explain that merchant's perceived value has a significant positive effect on merchant's satisfaction. Merchant's perceived value can partially mediate the effect of dialogue, access to information, risk assessment, and transparency on merchant's satisfaction on GoFood services in Surabaya. These results explain that dialogue, access to information, risk assessment, and transparency have important roles to increase the value perceived by merchants and have an impact on increasing the satisfaction of mechants. Keywords: co-creation, DART model, merchant’s perceived value, and merchant’s satisfaction