Puttshack Acquires $150M from BlackRock to Drive Mini Golf Entertainment Growth

Puttshack, the indoor miniature golf entertainment concept founded by the creators of Topgolf, has received $150 million in growth funding from BlackRock.
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It will fund further expansion in the US market over the next few years.

Puttshack Chief Financial Officer Logan Powell said: “Having a company like BlackRock as a partner is not just capital, it’s a huge trust for us.

Two other businesses in the growing mini-golf entertainment space are home to some of the biggest names in professional golf. PopStroke investor Tiger Woods and Puttery backer Rory McIlroy.

Puttshack currently has two venues open in Atlanta and Chicago, and plans to open new facilities in Boston, Miami, and possibly St. Louis later this year, featuring high-end, high-tech mini golf courses. with music, food and beverage services. In 2023, eight more stores will open in Dallas, Denver, Houston, Nashville, Philadelphia, Pittsburgh and Scottsdale, with his second store planned for Atlanta.Powell said Pat Shack also has a “very strong pipeline” in the US for 2024 and 2025

“From a market perspective, we believe we can open 10 to 15 facilities per year over the next few years, so there is plenty of room to expand,” added Powell. The investment in BlackRock is Puttshack’s second round of funding, in which he also raised $60 million in growth capital led by Promethean Investments. It was the Promethean team that brought Puttshack and BlackRock together.

“One of our strategic goals at the beginning of the year was to secure meaningful capital,” Powell said.

Game play at Puttshack utilizes a patented technology called Trackaball, a microcomputer inside a golf ball that automatically records scores (points, not total strokes), allowing guests to use scorecards and pencils. no need to use The additional investment will allow the company to continue expanding its technology offering, including the recently released cloud-based booking portal that resembles a traditional tea seat. This allows guests to book game times and meal times before arriving at the venue.

Mini-golf has long been a popular pastime with participants of all ages, and the National Golf Foundation estimates that about 18 million Americans play the famous game of windmills and clown mouths. increase. The newer high-tech version seeks to tap into and expand its attendee base, whether it’s an indoor adults-only venue or a Pat Shack-like game where screens guide players and the highest score wins. It incorporates a different look and feel at times. The investment from BlackRock is significant as it leads to further growth in that niche.