Maman is still run by the married couple who opened the first café in SoHo in 2014 — that continuity is real, and investors explicitly back the founders. But the company has run on private-equity capital since TriSpan invested in 2020, a 2026 continuation vehicle brought in an institutional syndicate to fund more expansion, and the worker signal is the weakest part of the picture: a 2.9/5 compensation rating, tip-reliant pay, and no PTO for regular staff per employee reviews. The brand sells warmth; the pay structure is what to watch.