The group, which currently operates 15 sites across the UK including seven in London, is planning to more than double the size of its estate in the next year with major cities and university towns being targeted.
In total, Knoops is aiming to open 25 new outlets by the end of 2024. They include sites in Edinburgh, Leeds, and Exeter.
The fundraise, led by a £5.5m investment from London-based retail and property group Morley Stores, leaves Knoops debt-free and ‘positioned for higher profits’ next year.
“Following this fundraising, Knoops is in a fantastic position to grow from a position of real financial strength,” says William Gordon-Harris, executive chairman and CEO at Knoops
“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.”
Knoops was founded by German-born Jens Knoop in the East Sussex town of Rye in 2013, and had previously set out an ambition to 'do for chocolate drinks what Starbucks did for coffee' by opening 100 UK stores by 2027.
As well as expansion, this latest fundraise will allow the business to enhance its multichannel offer, which allows guests to purchase Knoops chocolate flakes for at-home use.
Additionally, the brand recently launched a new app allowing customers to tailor their own drinks.
