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Mon 12th Jun 2023 - Kindred Concepts secures £30m investment to fuel F1 Arcade expansion
Kindred Concepts secures £30m investment to fuel F1 Arcade expansion: Kindred Concepts, the parent company of F1 Arcade, has secured £30m on new funding to fuel the next phase of our international growth for the Formula 1-licensed experiential concept. The funding will support its international expansion plans, primarily in the US, with plans to open 30 locations globally by the end of 2027, including openings in the US, the UK, Australia and the Middle East. The business is to open its first US site, in Boston’s Seaport district in March 2024 and it is targeting more than 20 permanent sites in the US in the next five years. The latest fundraising round attracted investors, led by Liberty Media and Formula 1, with participation from sector-focused investment firm Imbiba. There was also support from names across the F1 paddock, including McLaren Racing chief executive Zak Brown and Formula 1 drivers Lando Norris and Logan Sargeant. Adam Breeden, chief executive and founder of Kindred Concepts, said: “We are excited to be working closely with Liberty Media and Formula 1 as equity partners as we drive towards global growth. Not only do we have an exceptional business model and product, but we are excited about the power of the F1 Arcade brand, its appeal to international audiences as well as potential partners around the world. Given the success of the first location and its appeal to such a diverse audience, we believe F1 Arcade has the potential to become one of the most sought-after experiential hospitality brands globally. For now, we are eagerly anticipating the opening of Birmingham UK in late 2023 and our first US site in Boston in early 2024 as well as announcing further locations imminently.” The debut F1 Arcade site opened at the One New Change scheme in London’s St Paul’s in November last year, and a second site is set to open in Birmingham. This will be an 11,000 square-foot unit at Two Chamberlain Square at Paradise Birmingham. Kindred Concepts features in the Propel Multi-Site Database, which is available exclusively to Premium subscribers. The comprehensive database, which is produced in association with Virgate, is updated monthly and provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different. The database now features 2,853 companies. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription.


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