Puttshack, the tech-infused mini golf concept, has completed a growth capital round of $150m from funds managed by BlackRock and continued support from Promethean Investments.
The new funding will support Puttshack’s growth strategy in the United States, bringing its cutting-edge and high-energy experience to more cities across the nation.
Puttshack launched in 2018 with the opening of its first location in London.
It now 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.
Logan Powell, group CFO of Puttshack, said: “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.
“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.”
William Im, director in BlackRock’s credit team, added: “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.
“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.
