Level99 receives $50M to fuel expansion
A growing entertainment chain has received new funding.
Level99, described as an active, social entertainment destination featuring 50+ real-world, physical and mental challenges, has secured a $50 million follow-on growth equity commitment from Act III Holdings, an investment fund led by Panera founder and current Cava chair Ron Shaich (who has been the sole equity partner in Level99 since its founding).
The new investment will be used to accelerate new unit development and expand the brand into “top-tier markets” across the U.S.
The announcement comes on the heels of Level99’s third venue opening in Tysons, Va. last month, and the groundbreaking of its venue at Disney Springs in Orlando, Fla. The company is also slated to open its fourth location at Corbin’s Corner in West Hartford, Conn. in early 2026.
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With active lease negotiations in over 15 states, Level99 says it is expanding into “top urban and suburban markets” with 30,000 to 45,000 sq. ft. venues that offer “high visibility, easy access, and close proximity” to the 21–39-year-old adult demo.
“At Act III, we invest in companies that are shaping the future of how people eat, connect and play,” said Shaich. “Level99 is leading the transformation of the entertainment industry by delivering a truly differentiated and better guest experience.”
Founded in 2021 with its first venue in Natick, Mass., Level99 offers proprietary, real-world physical and mental interactive challenges and mini-games, chef-driven scratch cooking, and handcrafted beverages.
“This $50 million growth equity commitment marks a pivotal moment in our evolution, and we are thrilled to have Act III reaffirm its commitment to Level99,” said Matt DuPlessie, founder and CEO of Level99. “Act III has been our partner since day one and has seen firsthand how strongly the concept is resonating with consumers, landlords, and developers alike. Their continued confidence enables us to move faster, sign the best projects, and build Level99 into a category-defining entertainment brand with a national footprint.”
