Knoops, the chocolate and coffee chain, has secured £8.3 million ($10.4 million) in funding to expand its presence in the UK, with plans to double its footprint by 2024.
Morleys Stores, a retail and property group based in London, spearheaded the funding round by investing £5.5 million in the chain to facilitate its expansion.
The funds raised in the funding round will also be allocated to improving a multi-channel offering, providing enthusiasts the opportunity to craft their own drinks, known as “Knoopology,” using Knoops’ chocolate flakes in the comfort of their homes.
At present, Knoops has a presence in 15 locations, with seven of them situated in London.
The brand is recognized for its barista-crafted hot chocolate, chocolate milkshakes, and iced chocolate.
Knoops aims to introduce 20 new stores by March 2024, concentrating on major cities and university towns. Planned locations for expansion encompass Edinburgh, Leeds, and Exeter.
The company has aspirations in the medium term to establish 200 stores throughout the UK.
The company has recently launched a new app enabling users to personalize their own beverages.
Knoops executive chairman and CEO William Gordon-Harris stated, “When I first went into [founder] Jens’ shop [Jens Knoop] in Rye five years ago, I knew he was onto something.
“The business clearly had amazing potential and now thousands of customers are enjoying their “Knoops moment” every single week thanks to Jens’ vision. Our stores are doing a roaring trade at all times of the day and are hugely popular with customers of all ages.”
“Following this fundraising, Knoops is in a fantastic position to grow from a position of real financial strength. We have a huge market to shoot for and an easily scalable business – we’re still on the runway when it comes to how far Knoops can go.”