The competitive Formula 1 sports chain, founded by hospitality heavyweight Adam Braeden, has secured £30m in funding from investors to support its global expansion.
The concept, F1 Arcade, was launched last year in St Paul’s, London and combines sim racing with cocktails and food.
The sport has grown in popularity in recent years, made popular largely by the Netflix series “Drive to Survive” – with F1 Arcade already securing plans to bring F1 Arcade to Boston and Birmingham.
However, a new funding round led by Liberty Media and Formula 1 will help the business expand across 30 more locations across the US, UK, Australia and the Middle East by 2027.
“Given the success of the premiere site 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,” said founder Adam Breeden.
“Currently, we eagerly anticipate opening Birmingham, UK in late 2023 and our first US location in Boston in early 2024 as well as announcing other locations soon.”
Breeden is the co-founder of other popular competitive game chains like Puttshack and Bounce.
Demand for experiential social experiences has increased recently, with Breedin saying experiential hospitality venues have been “exploding” in post-Covid popularity.