An entertainment concept that combines tech-infused mini-golf with food and drink is set to grow at “a rapid pace.”
Puttshack has completed a growth capital round of $60 million led by Promethean Investments. The funds will continue to support the company's growth, with more locations in the United States, U.K. and around the world.
Joining its three U.K. venues, Puttshack opened its first U.S. location in April, at the new mixed-use development, The Interlock, in Atlanta. It plans to open a location in Oak Brook, Ill., in fall 2021, followed by one in Miami soon. The company also recently signed a lease in Nashville's The Gulch neighborhood, with new U.S. locations also planned to open in 2022.
Puttshack was created by Steve and Dave Jolliffe, original founders of Topgolf and World Golf Systems, and Adam Breeden, co-founder of Flight Club, Ace Bounce and All Star Lanes.
The format combines mini-golf (featuring technology that automatically keeps score) with upscale food offerings and a cocktail bar.
The new round of funding will allow Puttshack to continue securing unique and desirable real estate opportunities as it expands into more top markets, according to a release.
"We are thrilled to continue our partnership with Promethean and others as we look to continue our growth in the U.S., U.K. 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.
Michael Burt, managing partner 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."