Knoops celebrates the ritual of drinking chocolate, producing expertly crafted hot and cold drinks and retail flakes for at-home and in-store consumption. The company says it aims to do for drinking chocolate what barista coffee did for coffee, positioning itself as a specialist category leader on the high street and at home. Knoops reports a +£2m p.a. retail, wholesale and online business, with FY24 vs FY23 growth of 110% and online like-for-like growth of 130%. It highlights the global chocolate market at an estimated $119.39bn in 2023 and contends few specialist drinking chocolate brands compete with its product. Planned uses of funds include expanding its UK store estate (aiming for 20–30 stores), increasing retail production and pursuing international expansion. The brand ran promotions such as acting as the UK promotion partner for Warner Bros' 2023 Wonka film to introduce customers to its category and retail flakes. Knoops sells premium drinking chocolate and coffee through a growing retail footprint and also offers an at-home product range and a consumer app. The business operates a 20-store UK estate and plans to scale that estate while executing international ambitions over the next 10 years. In March 2024 it agreed a first international partnership to open stores in the Middle East and expects an outlet in Dubai later this year; it is also in negotiations to open stores in the US and China. Knoops has appointed Pret A Manger and itsu founder Julian Metcalfe and former Sanctuary Spa CEO Alice Avis as Non-Executive Directors; both have invested in the business. The company has secured Enterprise Investment Scheme (EIS) approval for a £5m fundraising round led by Lush co-founder and former Hotel Chocolat chairman Andrew Gerrie to drive international expansion. In November 2023 Knoops raised £8.3m to scale its UK presence, further develop its app and expand its at-home product range.

Total raised

$9M

Funding rounds

2

Latest round

Equity

Latest activity

Sep 2024