Puttshack has gained $150 million in funding from a hedge fund.
Puttshack, the indoor miniature golf entertainment concept founded by the creators of Topgolf, has received $150 million in growth capital to fund further expansion in the US market.
The CFO of Puttshack said that it sets them apart from the rest of the industry. It's a huge amount of credibility to have someone like BlackRock as a partner. We are excited to expand our technology offerings as well as continue to serve the location community.
Tiger Woods is an investor in PopStroke and a backer of Puttery, two of the businesses in the mini golf entertainment space.
Puttshack currently has two venues open in Atlanta and Chicago, and additional locations are scheduled to debut later this year in Boston, Miami and possibly St. Louis, mixing their upscale, high tech mini golf courses with music and food and beverage offerings. There will be openings in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale. Powell said that Puttshack has a "really robust" line up for the next two years in the US.
A central component of Puttshack's venues is the bar.
The second round of funding for Puttshack was led by Promethean Investments. The team at Promethean was responsible for connecting Puttshack.
One of the goals at the beginning of the year was to get a significant amount of capital. We should be well-capitalized for the next few years.
At Puttshack, guests don't have to use a scorecard or pencil because the game play is powered by a patented technology called Trackaball. The investment will allow the company to expand its technology offerings, such as a recently released cloud-based booking portal that allows guests to reserve a game time or dining window prior to arriving at the venue.
In the next few years, Puttshack plans to open at least 10 new locations.
According to the National Golf Foundation, 18 million Americans play mini golf every year, making it one of the most popular sports in the country. The newer, high-tech versions are embracing a different look and feel in trying to tap into and broaden that participant base, whether it's with indoor, adults-only venues or games like Puttshack where the highest score wins. Growth in that niche is going to be furthered by the investment from BlackRock.
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