Chocolate and coffee chain Knoops has raised £8.3m ($10.4m) in a funding round to double its footprint in the UK in 2024.
The funding round was led by London-based retail and property group Morleys Stores, which has invested £5.5m in the chain to support the expansion.
Proceeds from the funding round will also be used to enhance a multi-channel offer that gives fans the chance to create “Knoopology” – their own drinks at home with Knoops’ chocolate flakes.
Knoops currently operates 15 locations, seven of which are in London.
The brand is known for barista-prepared hot chocolate, chocolate milkshakes and iced chocolate.
Knoops plans to add 20 new stores by March 2024, with a focus on major cities and university towns. Locations for new openings include Edinburgh, Leeds and Exeter.
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It has medium-term ambitions for 200 stores across the UK.
The company recently released a new app that allows users to customise their own drinks.
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.”