Puttshack — a tech-infused mini-golf venture — has completed a $150 million growth capital round led by BlackRock BLK and Promethean Investments.
Launched in 2018 by Topgolf co-founders Steven and Dave Jolliffe, Puttshack will use the fresh capital to support its growth throughout the U.S. by securing real estate deals in top markets.
- In May 2021, Puttshack completed a growth capital round of $60 million.
- The company currently has two locations in the U.S. and four in the U.K.
- It has new venues coming to Boston, St. Louis, and Miami by the end of 2022.
- In 2023, it will open venues in new cities including Denver, Nashville, and Philadelphia.
Puttshack's latest growth capital round will help it compete in a mini-golf industry that sees more than 130 million people play each year with annual revenue of more than $1 billion.
Swingers — a DJ-fueled mini-golf venture — raised $20 million from Cain International in March 2021 to open two locations in the U.S., including a 23,000-square-foot venue in New York.
In July 2021, four-time golf major champion Rory McIlroy and his investment group Symphony Ventures invested in Puttery — an indoor golf experience from Topgolf rival Drive Shack.
BlackRock, which has several sports-related investments, is the world's largest asset manager with $10 trillion in assets under management.
The investment management company participated in a $1.5 billion funding round for Fanatics in March and took part in a $25 million Series B round for fantasy sports company Underdog.
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