Summary:
$34 million raised by Topgolf founders for Poolhouse
Aiming to transform billiards with a social and tech-driven model
First location set to open in London next year
Focus on gamification and affordable build costs
Positioned within a $100 billion out-of-home entertainment market
Topgolf's Founders Are Back with Poolhouse
Steve and Dave Jolliffe, the visionary founders of Topgolf, have successfully raised $34 million for their new startup, Poolhouse. This innovative venture aims to redefine the game of billiards by integrating technology and a social atmosphere. Their 28-page deal memo reveals a detailed strategy for capturing a slice of the competitive socialization market.
Poolhouse is a new social sports concept from the founders of Topgolf.
A New Era for Billiards
Poolhouse plans to emulate the Topgolf model, transforming billiards into a more engaging and social experience. By utilizing technology, they aim to create a lounge-like environment that offers high-quality food and drinks, setting it apart from traditional sports bars.
Expansion Plans
The startup is set to launch its first location in London next year, with plans for further expansion into the US. Investors such as Sharp Alpha and DMG Ventures are backing the project, seeing it as part of a growing trend of competitive socialization venues.
Key Features of Poolhouse
- Gamification: Poolhouse will incorporate tech that evaluates player performance and introduces handicaps to balance the competition.
- Cost-Effective Model: With an estimated build cost of $15-$20 million per location, Poolhouse aims to keep expenses lower than traditional venues.
- Diverse Revenue Streams: The business model includes franchising and licensing opportunities, aiming for a higher-margin revenue mix.
The Future of Social Sports
The Jolliffe brothers believe that Poolhouse represents their most ambitious project yet, aiming to reshape how people engage with billiards. With the potential for a $100 billion out-of-home entertainment market, Poolhouse is positioned to capitalize on the rising demand for social experiences that blend dining and gaming.
Investment Insights
The deal memo outlines several critical success factors for Poolhouse:
- Strong food and beverage revenue
- High frequency of visits
- Event-friendly spaces
- Proprietary software for additional revenue opportunities
As they prepare for launch, Poolhouse's founders are optimistic about the impact they can make in the world of billiards, similar to what they achieved with Topgolf in golf.
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