UK SOCIAL HOSPITALITY BRAND F1® ARCADE ANNOUNCES £30M INVESTMENT FOR GLOBAL EXPANSION
Summary
LONDON, June 12, 2023 /PRNewswire/ -- F1\xae Arcade, the pioneering social hospitality concept and the first official Formula 1\xae simulator racing experience to put socialising at its core, announces a successful \xa330 million investment to fuel the next phase of international growth.This funding will support F1 Arcades international expansion plans, primarily in the US, where the business is building a significant pipeline of new venues. There was also support from names across the F1 paddock, including McLaren Racing CEO Zak Brown and Formula 1 drivers Lando Norris and Logan Sargeant.The rapid global growth of Formula 1 and the growth in gaming culture alongside the experience economy presents exceptional opportunities for F1 Arcade as it expands its unique hospitality concept worldwide.Following the resounding success of its flagship site in St. Pauls, London, which continues to surpass revenue expectations, F1 Arcade plans to open more than 30 locations globally by the end of 2027, with the first US site in Boston scheduled to open in 2024.The brand holds a significant first-mover advantage thanks to the coveted F1 license and original IP developed around the simulator, racing game, and overall experience. The company offers an unparalleled, immersive F1 racing simulation experience tailored for a mass audience, all within sophisticated venues that boast best-in-class hospitality and design.F1 Arcades opportunity for expansion in the US comes as F1 has grown exponentially in the market, with last seasons US Grand Prix in Austin recording a record attendance of 440,000, the Miami Grand Prix selling out this season with 270,000 fans, up 30,000 from 2022, and the US becoming the leading market for F1s social media channels, with a remarkable year-on-year increase of 50% from 2022.Adam Breeden, CEO and Founder of F1 Arcade, welcomed the partnership with Liberty Media and Formula 1, stating, "We are truly excited to be working closely with Liberty Media and Formula 1 as equity partners as we drive towards global growth. Not only do we have an exceptional business model and product, but we are excited about the power of the F1 Arcade brand, its appeal to international audiences as well as potential partners around the world. "F1\xae Arcade, the worlds first official premium F1\xae experiential hospitality brand, launched its flagship 16K square foot venue in London, overlooking St Pauls Cathedral, in December 2022.