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Wed 12th Oct 2022 - Puttshack raises $150m in growth capital
Puttshack raises $150m in growth capital: Indoor mini golf experience Puttshack has completed a growth capital round of $150m (£135.9m) from funds managed by BlackRock and continued support from Promethean Investments. The company said the new funding will support its “rapid growth strategy in the US, bringing its cutting-edge and high-energy experience to more cities across the nation”. Puttshack first launched in 2018 with the opening of its first site in London. Currently, the business has two locations in the US and four in the UK. New venues in Boston and Miami are scheduled to open this autumn, 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 US locations set to be announced soon. The company said this latest round of funding allows the team to continue securing “unique and desirable real estate opportunities as it expands into more top markets”. Last year, the business completed a growth capital round of $60m led by Promethean. Logan Powell, group chief financial officer of Puttshack, said: “As the global leader in the emerging and growing market of competitive socialising, we have found immense success since opening our first two US 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.” Puttshack features in Propel’s Turnover & Profits Blue Book, which shows in its last reported financial year – year ending 31 December 2020 – the business turned over £6,542,254 due to its sites being shut for much of the period as a result of the covid pandemic. In 2019, the business turned over £11,196,086. The Blue Book will feature 638 companies when the latest edition is released on Friday (14 October). The Blue Book, which is produced in association with Mapal Group and is updated monthly, provides a five-year overview of turnover and profit, ranks companies according to turnover, pre-tax profit and profit conversion. The Blue Book also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email to upgrade your subscription.

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