Puttshack announced it has completed a growth capital round of $60 million led by Promethean Investments. The funds will continue to support the company’s growth, bringing the experience to more cities in the U.S., U.K., and around the world.
Joining its three current U.K. venues, Puttshack successfully opened its first U.S. location in Atlanta last month, with plans to open Oak Brook, Illinois, in fall 2021, and Miami soon after. The team also recently signed a lease in Nashville’s The Gulch neighborhood at the site of the old Gibson Guitar factory and is expected to announce multiple new U.S. locations soon that plan to open in 2022. This latest round of funding will allow the team to continue securing unique and desirable real estate opportunities as it expands into more top markets.
“We are thrilled to continue our partnership with Promethean and others as we look to continue our growth in the U.S., UK and beyond,” says Logan Powell, CFO of Puttshack. “Despite the challenges in our industry throughout 2020, we are poised for growth and are excited to bring our tech-infused, patented mini golf offering to more locations and guests. This capital will allow us to continue the vision of our founders, and we are grateful for the continued support of all our investors.”
Michael Burt, managing partner Promethean Investments, adds, “Puttshack is truly leading the way in the social entertainment industry, and we are honored to continue supporting the company and the entire team. The investment round was oversubscribed, which speaks volumes of the strength of the concept and team. The demand for social entertainment, particularly as we emerge from the global pandemic, is extremely high, and Puttshack is set to grow at a rapid pace.”
Puttshack says it’s the first, and only, upscale tech-infused mini golf experience. The innovative, competitive mini golf game with uniquely themed holes is powered by the brand’s patented Trackaball technology that keeps score for you as you play. The game play is matched by a globally inspired dining menu, made in-house and of the highest quality, that is complimented by a full cocktail bar and an all-around upscale, cool experience. Puttshack is open and inviting for everyone during the day and then evolves into a 21-plus nightclub vibe in the evening, making it accessible and fun for all throughout the day.
The first U.S. location, Puttshack Atlanta will join the brand’s three current London locations and is expected to be followed by openings in Chicago and Miami later this year. Puttshack recently signed a new lease in Nashville at the site of the Old Gibson Guitar factory in The Gulch neighborhood. The location is expected to open in the second half of 2023.
Proven in attracting the young adult target demographic, the Puttshack team is continuing its strategic expansion plans, identifying optimal locations in top MSAs across the U.S. Puttshack is represented nationally by Mat Focht and Robert Johnson of Emerging Concepts.