The London-based business, founded by James Cadbury, who is also the great-great-great-grandson of the original Mr Cadbury, said the investment was funded by Richard Koch, the author and entrepreneur behind venture successes including Grind, Plymouth Gin and Betfair.
Cadbury said: “This is an immensely exciting time for the business, and I believe 2023 will be a landmark year for us.”
The funds will be used to grow the business’ senior management team, launch its first bricks and mortar retail store and further build retail distribution.
The business is made up of luxury chocolate brand, Love Cocoa, and plant-based oat milk chocolate, H!P Chocolate, which enjoy a combined retail value of over £ 10 million and have achieved growth of +300% over the last two years.
“I’m delighted to have Richard and his team’s backing. I’m excited to be working with him on driving the strategic development of both Love Cocoa and H!P Chocolate, helping propel them from challenger brands to chocolate industry powerhouses,” said Cadbury.
“Love Cocoa and H!P Chocolate are at the forefront of sustainable chocolate innovation,” commented Koch. “I’m looking forward to supporting the business on the next stage of its incredible journey.”
The new investment in the business will enable:
- Opening up bricks and mortar stores under the Love Cocoa brand, with the aim of owning 10 stores in the next three years
- Further increasing the distribution for H!P Chocolate, which successfully launched in Sainsbury’s last year
- Growing Love Cocoa’s senior management team to include a new Finance Director and Head of Marketing
With ethical values at the heart of the business, both brands are known for championing sustainably sourced, slave-free cocoa and plastic-free packaging alongside commitments to combating deforestation and climate change.
Cadbury said: “We’re excited to be going into physical retail later this year, launching our first Love Cocoa store. Retail is moving to an omnichannel approach, and we see the opportunity to innovate with our new stores offering unique, experiential moments.
“Alongside that, consumers are wanting to come back to the high street and that gives us the opportunity to deliver sensory chocolate experiences that simply can't be achieved shopping online. We see this as a real game changer for the business and can't wait to open our first store.”
