On Tuesday, Crunchbase News reported that this is the first time the company has raised funding.
Insomnia Cookies did not immediately return FOX Business’ request for comment Wednesday afternoon.
The company -- which is a college campus staple -- was founded in 2003 by Seth Berkowitz, who was a student at the University of Pennsylvania at the time.
Today, Insomnia has more than 155 locations, according to Crunchbase News.
Back in 2018, Krispy Kreme bought a majority stake in Insomnia Cookies but left Berkowitz in charge, according to a report from the Associated Press at the time.