Do You Know Who Actually Owns Crumbl Cookies?

Just five years ago, hardly anyone had heard of the name "Crumbl Cookies." But by summer 2021, the cookie chain was all anyone could talk about. Crumbl, as it's now known, took the bakery world by storm and became known for its doughy, massive cookies with a menu that changes weekly. And while the bakery rose to quick popularity thanks to its 2021 social media virality, it still continues to be a popular chain dessert shop today and continues to expand, even launching gluten-free options. (However, if you're vegan or vegetarian, you might want to avoid the chain.)

It took four years for Crumbl to become a household name. It was first founded in 2017 by two close relatives, Sawyer Hemsley and Jason McGowan. They're related through McGowan's wife, who is Hemsley's cousin. The two men had an entrepreneurial spirit but didn't necessarily know how to run a bakery, yet they used just $68,000 to launch the business. By early 2025, rumors swirled that Crumbl was planning to sell, and that's when its $2 billion valuation came to light — though Forbes reported that analysts and industry experts didn't necessarily believe it was worth that much. Still, two men with a goal turned it from a side gig to a potential billion-dollar business, though these days, Crumbl does have a few investors involved, too.

In April 2025, the biggest shareholder in Crumbl was its founder, Jason McGowan. Forbes reported that McGowan owned more than 50% of the company, making him its sole majority shareholder. The brand's other founder, Sawyer Hemsley, owned most of the remaining percentage, though Crumbl did reveal to Forbes that someone else owned a minority stake in the brand, though McGowan suggested it's very small. McGowan invested the initial $68,000 that was needed to get the company started, which is how he ended up with the most ownership.

Something to note is that Crumbl also franchises, so there is a level of ownership within individual locations. Hemsley's parents were actually the first people to open a franchise, which was launched about four years after Crumbl initially started. Crumbl franchisee owners don't own any stake in the actual company, though. They own their individual locations and must pay a $50,000 franchisee startup fee along with an 8% royalty fee on all annual gross sales.

While there were almost no outside shareholders as of April 2025, that changed just a month later. In May 2025, Crumbl agreed to sell a minority stake to TSG Consumer Partners, a company that has partnerships with other major brands like e.l.f. Cosmetics and Famous Amos cookies. (And Chowhound ranks Famous Amos one of its best store-bought chocolate chip cookie options.)

TSG made the investment in preferred equity. Preferred equity is complex, but in its simplest terms, it's essentially a way for companies like Crumbl to receive additional capital from an investment firm without being responsible for strict and timely loan repayments. The terms are often adjustable and vary based on the specific deal. It's unclear, however, exactly what TSG's minority stake looks like and what its terms with Crumbl are. Crumbl saw slightly slower growth in 2024, with a net-opening of only 87 new stores compared to somewhere between 100 and 300 annually in the three years prior. Despite the slower growth, there is no information about whether another potential sale is on the horizon. Even with the TSG investment, the majority of the company remains owned by its original founders, Hemsley and McGowan.