F1 Arcade eyes £100m funding to fuel expansion
F1 Arcade, the Formula One-based competitive socialising concept, is raising £100m from investors to support its growth.
Sky News has reported that the operator is close to finalising a new debt facility with Liberty Media, which owns Formula One, as well as British bank Oaknorth and investment fund Cheyne.
City sources told Sky News that the deal was expected to be completed within the next week, in the run-up to the British Grand Prix at Silverstone.
The company’s current shareholders include Formula One’s own Lando Norris – who races for McLaren F1 – investment fund Imbiba, as well as the venture capital arm of Daily Mail owner DMG Media.
One banking source told Sky News that the concept was now valued at around £200m.
The operator – which operates three sites globally including a flagship location at London’s One New Change – has previously announced ambitions to open 30 sites worldwide by the end of 2027. The concept also operates sites in Birmingham, and Boston, Massachusetts.
Last summer, F1 Arcade’s parent company Kindred Concepts secured a £30m investment to fuel the concept’s expansion. New locations in the concept’s pipeline include Washington D.C. and Las Vegas.
F1 Arcade features racing simulators allowing customers to compete against friends and family, and is one of many competitive socialising brands that have become increasingly popular over the last few years.
The concept’s founding team is the same as the one behind crazy golf chain Puttshack, as well as the darts-based concept Flight Club.