NoBaked Cookie Dough

NoBaked Cookie Dough

Growth Stage

Amazon's #1 selling cookie dough

Amazon's #1 selling cookie dough


Raised this Round: Raised: $464,595

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Common



SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Early Bird Valuation


Pre-Money Valuation


Year Founded



Food, Beverage, & Restaurants

Tech Sector


Distribution Model




Capital Intensity



Nashville, Tennessee

Business Type


NoBaked Cookie Dough, with a pre-money valuation of $9 million, is raising crowdfunding on StartEngine. The company makes delicious cookie dough that can be eaten raw or baked. The offerings include ten flavors of dairy-free and gluten-free cookie dough. Megan Feeman and Jimmy Feeman founded NoBaked Cookie Dough in 2017. The proceeds of the current crowdfunding round, with a minimum raise of $10,000 and a maximum raise of $1,070,000, will be used to make the product available in major grocery stores nationwide. NoBaked Cookie Dough reported a 1,534% growth in sales in 2020, with over 66% revenue coming from online sales. The company has also been recognized as the number one bestseller in the Refrigerated Doughs category on Amazon.

Summary Profit and Loss Statement

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Financials as of: 02/28/2021
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One of the best parts of making cookies is eating the raw dough. Still, most people also know that eating raw cookie dough is risky due to uncooked eggs. The CDC says “say no to raw dough.” It didn’t take long for savvy food entrepreneurs to create raw cookie dough imitations that taste just like homemade raw dough without the risk of salmonella. Safe-to-eat raw dough has become a trend in the last few years. Various raw dough “scoop shops” opened up in metro areas around the country, and several brands of raw dough are available in grocery stores. 

NoBaked Cookie Dough is one such business. NoBaked began as a primarily brick-and-mortar raw cookie dough shop that sold scoops out of stores in Nashville, TN and Louisville, KY. It also has franchise locations in Lexington, KY, Chattanooga, TN, and Springfield, MO. Just as NoBaked was hitting its stride with these in-person stores, COVID-19 hit. The company pivoted rapidly to become an e-commerce business and quickly found success selling jars of dough via its website and Amazon. 

NoBaked Cookie Dough’s current StartEngine raise has been rated a Neutral Deal by the KingsCrowd investment team. 

Next Section: Price


NoBaked Cookie Dough is raising an equity offering at a $9 million valuation. Given the company’s 2020 revenues of $1.75 million, a $9 million valuation represents a fairer revenue multiple than is often seen for similar businesses raising crowdfunded rounds.Thus, NoBaked’s price rating is above average. 

Next Section: Market


While ready-to-eat raw dough has become trendy in recent years, the market for such products is still quite small relative to traditional food segments. The refrigerated cookie/brownie dough segment was worth just $571.8 million in 2020. The category showed 9.3% growth over 2019 but is still a niche market compared to the overall cookie industry at $9.3 billion. 

Additionally, many established treat companies have launched lines of ready-to-eat dough. Ben & Jerry’s “Snackable Dough” line apparently generated $12.8 million in revenue in its first year on the market, and Nestlé Toll House (probably the most widely-recognized option for traditional pre-made cookie dough) is also offering ready-to-eat dough in grocery stores. The presence of this entrenched competition reduces NoBaked’s obtainable market share within an already niche market significantly. Consequently, the company’s market score is its lowest across all five metrics.

Next Section: Team


NoBaked was founded by Megan and Jimmy Feeman, a husband-and-wife team. Megan, NoBaked’s CEO, launched NoBaked in 2017 after working for a couple years out of college in the music industry. Jimmy joined the business shortly after as COO, leveraging a few years’ experience in business and finance. 

The Feemans have built an impressive brand with meaningful growth over the last several years, but they are both relatively inexperienced in the working world. Because the founding team has only a few years of work history after college and no specific expertise in startups, consumer brands, or the food and beverage industry, NoBaked’s team score is low. 

Next Section: Differentiators


NoBaked Cookie Dough indicates on its raise page that its products are distinct from competitors in that they are specifically designed to be ready-to-eat, with none of the bitter aftertaste or grainy texture that supposedly plagues competitive products. It’s difficult to verify whether that claim is correct. Either way, the average consumer probably won’t be able to tell the difference between NoBaked and other ready-to-eat cookie doughs as they approach the dough section of the grocery aisle. NoBaked seems to offer little concrete product differentiation from competitors. 

However, NoBaked does seem to be operating under a somewhat unique and potentially successful hybrid business model. The company was seeing success from its in-person scoop shops until the pandemic hit. Despite COVID-19, the brick-and-mortar shops still generated more than half a million dollars last year. To sustain itself during the pandemic, NoBaked launched a healthy e-commerce business through its website and Amazon. That part of the business grew explosively to more than $1.1 million in sales over the course of the year. Now, NoBaked plans to attack the distribution market with the aim of selling dough in grocery stores nationwide in the near future. NoBaked is positioned to generate solid revenue from each of these channels, which does offer an advantage over single-channel competitors. Nonetheless, NoBaked’s differentiation score is still just middle-of-the-road. 

Next Section: Performance


NoBaked’s best selling point is its performance in recent years, despite the toll of the global pandemic. Just two years after its founding, NoBaked generated almost $800,000 in 2019 with a net loss of almost $300,000. Given COVID-19, you’d expect a primarily brick-and-mortar company to suffer. On the contrary, though, NoBaked had its best year ever in 2020, generating $1.75 million and inching closer to profitability with a net loss of roughly $111,000. 

NoBaked’s 2020 boom was due entirely to the company’s pivot to e-commerce. Relatively few people were buying NoBaked online in 2019. The company generated a little more than $110,000 from online sales that year. In 2020, NoBaked’s e-commerce sales from its website and Amazon generated more than $1.1 million, dramatic growth in the face of dire circumstances. NoBaked Cookie Dough’s year-over-year growth and dramatic increase in higher-margin online sales — particularly given the pandemic — is very impressive. The company’s performance rating is above average due to these factors. 

Next Section: Bearish Outlook

Bearish Outlook

NoBaked Cookie Dough has grown meaningfully over the last year, even though you couldn’t have faulted sluggish growth during COVID-19. However, it’s not clear that the company has significantly more room to grow. Brick-and-mortar sales from NoBaked’s five locations (two company-owned, three franchised) are solid, but they won’t lead to explosive growth. E-commerce channels might be oversaturated. The company may have already garnered the majority of customers willing to buy ready-to-eat cookie dough in their direct-to-customer (DTC) blitz last year. Distribution channels offer a semi-promising new source of revenue, but the ready-to-eat cookie dough aisle is already a bit crowded with incumbents like Ben & Jerry’s and Toll House. NoBaked is competing within a relatively niche market, meaning it needs to secure a major portion of the market to see solid returns. 

Ultimately, NoBaked’s products just aren’t that differentiated in a niche, competitive space. Companies like Ben & Jerry’s and Toll House have the manufacturing capacity to pump out jars of cookie dough at low prices, and they likely stand out as the trusted options for the small number of consumers who actively look to buy ready-to-eat cookie dough. There’s a good chance that NoBaked is nearing the ceiling of its revenue potential.

Next Section: Bullish Outlook

Bullish Outlook

NoBaked Cookie Dough’s traction over the last year, COVID-19 and all, is very impressive. Young brick-and-mortar companies faced extremely dire circumstances when lockdowns began last March, and NoBaked doesn’t seem to have had e-commerce infrastructure built up to immediately pivot to online sales. It seems that it was pure grit and hustle that won the company more than $1 million in DTC sales over the course of 2020. Investors should be attracted to any founding team that shows that keen entrepreneurial spirit. 

In 2021, NoBaked can settle back into its core physical scoop shop business and continue franchising to open more locations in the Midwest and beyond. Plus, the company plans to take funds from this raise to explore wholesale distribution to grocery chains nationwide. Distribution could provide a stream of revenue that likely isn’t gigantic but could be a healthy supplement to in-store and online sales. NoBaked has hopefully already navigated the most difficult year of its existence, and there’s blue sky ahead to continue scaling. 

Next Section: Executive Summary

Executive Summary

NoBaked Cookie Dough sells ready-to-eat cookie and brownie doughs that taste like homemade but are safe to eat. The company was primarily focused on physical scoop shops in the Midwest, until COVID-19 forced a pivot to online sales that turned out to be very lucrative. With a record $1.75 million in revenue in a pandemic year, there’s potential for NoBaked to expand to wholesale channels and continue succeeding. 

On the other hand, NoBaked’s products aren’t very well differentiated, and the market for ready-to-eat cookie dough is still quite small. While the company has had strong early traction, there’s a risk that NoBaked has already achieved most of its potential. Investors could struggle to reap a return at this somewhat high valuation. Therefore, NoBaked has been rated a Neutral Deal. 

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NoBaked Cookie Dough on StartEngine
Platform: StartEngine
Security Type: Equity - Common
Valuation: $9,000,000
Price per Share: $1.00

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