New Backing Marks a Sharp Rise From the Bagel Franchise’s Former $60M Valuation
- Tiger Global Management has invested in the PopUp Bagels franchise, which now claims a valuation of $300 million. In October 2025, it was valued at $60 million.
- PopUp Bagels, founded in 2020, is scheduled to have 300 open units by 2030. It currently has 29 shops in operation.
- The brand sells only bagels and distinctively flavored cream cheeses and butters.
- Simple operation and standout unit economics attract multi-unit franchisees.
Tiger Global Management LLC is investing in the PopUp Bagels franchise, which now has a $300 million valuation, sources have told Bloomberg. Last October, the franchise was valued at only $60 million. That lower valuation followed a second round of Stripes funding, which positioned the firm as the majority owner, according to a Bloomberg.com article reposted on MSN.com.
The Tiger Global deal was finalized last month, the sources said. No one at PopUp Bagels was quoted in the article, but Bloomberg did learn that Stripes still holds the largest stake in the brand.
The PopUp Bagels franchise is expected to have as many as 300 U.S. units in operation by about 2030. That’s an impressive expansion, considering that the franchise has only 29 open stores now. Some of its newer units are located in Boston, Chicago, Florida and Washington, D.C.
Bloomberg said another PopUp investor, Tastemaker Capital Partners, brought in sports stars J.J. Watt of NFL fame and Olympic swimming medalist Michael Phelps. QSR Magazine said actors Paul Rudd and Patrick Schwarzenegger, TV celebrity and former NFL star Michael Strahan, and Hollywood producer John Davis have also invested in the young franchise.
How PopUp Bagels Began and Grew
PopUp Bagels was founded by a hobby baker Adam Goldberg in Connecticut during the early days of the COVID pandemic. He first sold his bagels in pop-up shops – hence the name – before opening locations in the New York City metro area.
The brand’s fluffy, smallish bagels have found an avid following. Case in point: Last Friday, April 10, when the 29th PopUp Bagels shop opened in Washington, customers formed such a long line that the local NBC-TV station covered it, The New York Times reported today.
Media splashes include an April 2022 New York Times profile of still-up-and-coming PopUp Bagels. Even then, Yelp ratings placed it among New York’s best 10 bagel purveyors. In addition, the franchise has a massive digital presence, with young consumers often praising the brand on various social media platforms.
A Buadlab.com blog explains how the brand tantalizes customers:
- Every week, PopUp Bagels drops one new cream cheese schmear and one new butter flavor, available for just that week. This plays into consumers’ fear of missing out.
- The brand has a singular focus, bagels, and in the spirit of fun, advises customers – who must order at least three bagels at a time – to “grip, rip and dip” the unsliced breads into its cream cheeses and butters.
- It delves into creative partnerships. These have included schmears flavored with Oreo cookies and Guinness beer.
Rapidly Expanding Franchise
QSR Magazine credits PopUp Bagels as being one of the fastest-growing U.S. franchises. It had signed franchise agreements for 300 new units as of last July, the online magazine reported, with a goal of 100 in operation by the end of next year. PopUp Bagels apparently seeks only highly equipped, multi-unit franchisees, QSR Magazine noted; fewer than 15 owners will operate the 300 upcoming locations.
The franchise appeals to entrepreneurs because of its strong unit economics and simple operation. It sells bagels in three-packs or by the dozen, has only 55 SKUs, and the average transaction tops $24, QSR Magazine said. PopUp Bagel shops require just 10 to 15 employees at launch, and stores can have a footprint as small as 1,000 square feet, the publication added.
Private Equity’s Interest
Today’s New York Times pointed out that investment firms have noticed the bagel boom. The Times said private equity’s initial interest started in 2023, three months after Goldberg opened his West Village Manhattan shop. That was Stripes’ first round of funding, $8 million. Last year, Stripes invested another $27 million, The Times reported.
Call Your Mother Deli, specializing in bagel sandwiches, has also received financial backing from private equity, The Times said. And the newspaper quoted Jeff Perera, co-founder of Jeff’s Bagel Run in Central Florida, as being slammed with emails from firms hoping to invest after he opened his 20th store. He declined.
More on PopUp, Tiger Global and Stripes
Since late 2024, PopUp Bagels has been led by CEO Tory Bartlett, a franchising veteran. He previously served as chief brand officer of the Moe’s Southwest Grill and Schlotzsky’s franchises.
Tiger Global has 25-plus years of investing experience and is based in New York City. According to its website, “Tiger Global is a research-driven investment firm pursuing a long-term approach to partnering with high-quality, innovative companies across different stages of their life cycles.”
Stripes invests in companies that provide diverse products to consumers and businesses, its homepage states. Its portfolio contains clothing, tech and food brands such as Erewhon Market, an organic grocery store chain, and Levain Bakery. It was founded in 2008 and has headquarters in Manhattan.
