Boba Arena vs Papa Murphy's

Papa Murphy’s is the clear choice on TAM, timing, and budget. With 965 franchised locations, it offers a real installed base—even a single-digit penetration rate yields dozens of deals. Boba Arena’s five corporate units and zero franchisees make it a rounding error. The overdue FDD filing at Boba Arena isn’t just a paperwork slip; it signals a stalled concept whose technology decisions don’t carry urgency or near-term volume, while Papa Murphy’s current 2026 filing means you’re selling into an active, compliant system.

The approved-supplier procurement model is a constraint for both brands, but Papa Murphy’s terrain is worth navigating. Its -3.6% unit growth is a meaningful tradeoff: you’re targeting a contracting network where replacement of existing systems may drive more deals than net-new openings. Even with that decline, the average investment range of $450K–$693K implies franchisees who can afford a serious tech stack, making per-unit deal size far more attractive than Boba Arena’s $160K–$341K budget band.

Verdict: Papa Murphy’s.