NEW YORK — Chip City Cookies, a New York City-based cookie chain, has raised $7.5 million in a Series B investment from Enlightened Hospitality Investments.
In 2022, Chip City also received $10 million from Enlightened.
The latest funding round brings Chip City Cookie’s total amount from Enlightened to $17.5 million, according to the company. The funds will help grow the company’s brick-and-mortar locations, personnel, services and creative collaborations.
“This Series B fundraise helps Chip City sustain and further our strong commitment to developing exceptional cookies,” said Peter Phillips, chief executive officer and co-founder of Chip City. “Providing enjoyable experiences for our guests and team members, and to continuously invest in the next stage of our transformative journey. We’re excited about our growth trajectory and this investment from EHI propels us into a new era of growth and innovation.”
A cookie baking competition between co-founders Phillips and Teddy Gailas led to Chip City’s creation in 2017.
After perfecting the recipe, the co-founders opened a cookie shop in Astoria, Queens, in New York. The company sells a different rotation of large, fresh-baked cookies each week.
Chip City operates 38 locations across New York, New Jersey, Connecticut, Florida, Illinois, Maryland, Massachusetts and Virginia.
The company said it is planning to enter new markets and expand into Pennsylvania before the end of the year.
“Since our inception, we have built a remarkable base of loyal customers,” said Gailas, chief brand officer and co-founder of Chip City. “(And) since partnering with EHI, we have had the opportunity to meet our customers’ growing needs while advancing our digital initiatives through the Chip City app and social media. Through these channels, we have actively listened to our customers’ preferences, not only for our rotating menu but also for introducing new specialty flavors. To date, we have successfully launched imaginative desserts such as chocolate cupcake cookie, frootie crunch, and, most recently, our thin chips and chip crookie. With this new investment, we aim to further enhance our creativity by offering more oversized gooey cookies and innovative flavors.”
