New capital to fuel U.S. expansion of the market leading, upscale tech-infused mini golf concept
CHICAGO, Oct. 11, 2022 /PRNewswire/ -- Puttshack, the world's first and only upscale tech-infused mini golf experience with global food and beverage, announced today it has completed a growth capital round of $150 million from funds managed by BlackRock and continued support from Promethean Investments. The new funding will support Puttshack's rapid growth strategy in the United States, bringing its cutting-edge and high-energy experience to more cities across the nation.
Puttshack first introduced its tech-driven mini golf game in 2018 with the opening of its first location in London. Currently, Puttshack has two locations in the U.S. and four in the U.K. New venues in Boston and Miami are scheduled to open in fall 2022, followed by one in St. Louis this winter. Additional locations in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh, and Scottsdale, plus a second location in Atlanta, are all anticipated to open in 2023, with other U.S. locations to be announced very soon. This latest round of funding allows the team to continue securing unique and desirable real estate opportunities as it expands into more top markets.
"As the global leader in the emerging and growing market of competitive socializing, we have found immense success since opening our first two U.S. venues in Atlanta and Chicago last year," said Logan Powell, Group CFO of Puttshack. "This new capital from BlackRock will allow us to further expand and bring our one-of-a-kind concept to more cities across the country. Our guests are our top priority; therefore, we will continue investing in innovative technologies to enhance the overall guest experience with a seamless booking platform and novel mini golf game components only available at Puttshack."
Proven in attracting the young adult target demographic, Puttshack combines its patented ground-breaking technology with a first-class, immersive social environment to elevate the game of mini golf into an experience that is unlike anything currently on the market. The brand's patented Trackaball™ technology is integrated throughout the entire game, including automated scoring, bonus points opportunities, interactive games at each hole and more. The game play is matched by an innovative, globally inspired dining menu and curated beverage program, as well as world-class hospitality and an upscale nightclub vibe.
"Puttshack is tapping into new markets with its innovative approach on the beloved game of mini golf, making it the clear leader in the social entertainment industry," said William Im, Director in BlackRock's credit team. "The demand in this space is compelling, and we are excited to support Puttshack in its rapid expansion. There is a positive outlook on the horizon with substantial growth for the company."
Ernst & Young Capital Advisors, LLC served as financial advisor to Puttshack.
For more information about Puttshack, please visit www.puttshack.com.
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Puttshack is a leading concept in the emerging and growing market of competitive socializing. Combining a tech-infused mini golf game with exceptional food and beverage offering, Puttshack has multi-generation appeal. Patented Trackaball™ technology allows guests to play a point scoring game surrounded by an upscale and exciting environment. Puttshack is the perfect place for a date, a night out with friends and family, celebrating birthdays or hosting a company offsite. Since opening its first location in 2018, Puttshack now has four London locations and two U.S. locations in Atlanta and Chicago, with ambitious global plans for expansion.
The company has its global headquarters in Chicago, Il. with a UK headquarters in London. For more information, please visit: puttshack.com.
SOURCE Puttshack
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