The couple who spent 'all of our money' to open a New York cafe brought in nearly $50 million last year.

Elisa Marshall and Benjamin Sormonte were cautious not to be overly ambitious when starting a business in New York in 2014.

Marshall says, "We had a small dream of opening a cute, quaint, cozy coffee shop and cafe."

The small shop in the fashionable SoHo area of Manhattan, known as Maman, has expanded into a chain of cafe-bakeries with $47.2 million in sales across 34 locations last year, as per CNBC Make It's review of financial documents.

Maman's nutty chocolate chip cookies were praised by billionaire Oprah Winfrey on her 2017 list of "Favorite Things," which helped bring national recognition to the upstart brand. However, Marshall and Sormonte, a married couple with two children, believe that what sets Maman apart from its competitors is a vibe that extends beyond coffee and pastries.

The term "Maman," which refers to the foods the couple's own mothers made for them while growing up in Toronto and southern France, evokes the feeling of warmth and home, which is the vibe they have been going for.

"She explains that the ambiance, vibe, and beauty of the space are what draw people here, stating that good food and coffee can be found in many places. However, what sets this place apart is the "little something more.""

Inspired by childhoods in their mothers' kitchens

In 2011, in Montreal, Sormonte was a corporate M&A lawyer at a global law firm while Marshall had a full-time job in marketing and side gigs in event planning and interior design.

In 2012, the couple left their job at a beach club in Ibiza, Spain, to launch a restaurant in New York. When asked who their favorite chef was, they both replied "maman," as they had grown up in a kitchen with their mother.

The couple collaborated with Michelin-starred chef Armand Arnal, a friend of Sormonte's, to develop a menu of French classics and family recipes. Some dishes have a unique twist, such as the salted chocolate cookie sandwich with white chocolate ganache, which resembles a high-end French version of an Oreo.

Early on, their lack of business experience became apparent when Sormonte and Marshall underestimated the cost of launching a cafe in New York, resulting in spending $250,000. They drained their savings and had to borrow money from family and friends to cover the remaining expenses.

""Pouring all of our money, time, and energy into it was a huge financial risk we took," Marshall says."

'The hottest cookie in New York'

Sormonte says that the couple and some of their family members helped construct the first Maman location, painting the walls and installing baking equipment with "a lot of sweat and tears and love."

Since the cafe's launch in 2014, the couple devoted all their efforts to managing and running the business. They began their workday at 6 a.m., preparing pastries and other menu items for the day, and finished at 8 p.m., preparing dough for the following morning.

Sormonte states that getting the business off the ground necessitated "a great deal of sacrifice," including working 80 hours per week, taking no days off, and not receiving any paychecks for an extended period. He notes that they were "extremely fortunate" to receive financial assistance from their family, which allowed them to reside in a nearby apartment in New York's Tribeca neighborhood.

Sormonte fondly recalls the early days of his career, when he spent every waking moment at work. "It was special because we did it together," he says.

In its first year, Maman generated approximately $2 million in revenue after being praised as "NYC's most impressive new chocolate-chip cookie" by Grub Street in New York Magazine's food blog just a month after opening.

"I recall that instant, gazing at one another with the thought, 'We'll be here all night baking these cookies.' And it was wonderful," Marshall remarks, concluding: "Before we knew it, we had become the most popular cookie in New York."

Standing out in a crowded industry

In 2015, the couple, feeling "close to burnout" from working long hours, hired additional staff and brought in outside investors, beginning with a $1.5 million investment from Sormonte's brother Julien, a managing partner of a Paris-based hotel group.

Maman had multiple locations across New York and Canada by 2020, and received between $10 million and $20 million in funding from private equity firm TriSpan. This funding helped Maman expand further, adding cafes in Florida, Washington, D.C., Connecticut, Maryland, New Jersey, and Pennsylvania.

According to a company spokesperson, Marshall and Sormonte retained a 50% ownership stake in the business.

As Maman grows larger, it faces increased competition in the $49.5 billion U.S. coffee shop market, with competitors ranging from local roasters to Starbucks. To differentiate itself, the couple plans to emphasize Maman's unique style, which includes doubling its locations as event spaces and generating about 20% of its revenue from events and catering, according to Marshall.

Sormonte and Marshall offer a Maman cookbook and clothing, including children's wear and a collaboration with Lalo. The company aims to generate $65 million in revenue this year, as stated by a spokesperson.

Maman's offerings will expand beyond coffee, pastries, and French cuisine as the couple plans to open new locations and sell home goods such as dishware, vases, and candles.

"Marshall envisions Maman as more than just a restaurant with four walls, stating that it should become a multifaceted lifestyle brand."

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