Puttshack, which recently opened its first U.S. location, 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, including additional stores in the UK and U.S.
Joining its three current UK venues, Puttshack successfully opened its first U.S. location in Atlanta last month, with plans to open Oak Brook, Ill., 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.
Puttshack features a mini-golf game with uniquely themed holes supported by the brand’s patented Trackaball technology that keeps score as games are played complemented by dining and a cocktail bar.
“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,” said 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 at Promethean Investments, added, “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 was founded by Steve and Dave Jolliffe, the original founders of Topgolf and World Golf Systems, and Adam Breeden, co-founder of Flight Club, Ace Bounce and All-Star Lanes. The company has its global headquarters in Chicago, IL, with a U.K. headquarters in London.
Photo courtesy Puttshack