TMRW Sports and Golf Digest Join Old Tom Capital and EP Golf Ventures in Dryvebox's New Funding Round

News provided by

Oct 14, 2024, 10:00 ET

TMRW Sports, Golf Digest, Old Tom Capital, and EP Golf Ventures Invest in the New Funding Round
Number of Dryvebox's Mobile Golf Simulators Operating Has More Than Doubled Since the Beginning of the Year

SAN FRANCISCO, Oct. 14, 2024 /PRNewswire/ -- Dryvebox, the pioneering mobile golf simulator company, today announced additional funding and new investors joining the company on its mission of cultivating golf everywhere. Founded in 2020, the off-course golf entertainment company revolutionizes golf experiences through state-of-the-art weatherproof, climate-controlled, and solar-powered mobile golf simulators (Boxes). Dryvebox has grown to over 30 technology-fueled Boxes operating across the United States and Canada, with more set to launch in the coming months.

This funding round adds new investors TMRW Sports; which is launching TGL presented by SoFi and other modern approaches to sports, media, and entertainment; and Golf Digest, the leading golf media publication. Additional participants include current Dryvebox investors Old Tom Venture Club, the member-based investment syndicate of Old Tom Capital, a golf investment holding company, and EP Golf Ventures, the investment partnership between the PGA of America and Elysian Park Ventures.

"We have consistently been reaching a broader and broader audience of both corporate and consumer clients. With the backing of both new and longstanding investors, we are now excited to reach even more people and scale our goal of taking golf anywhere and everywhere," said Adeel Yang, Dryvebox's Co-Founder and CEO. "To have support from each of these partners is a testament to what we are working on, and key to pushing Dryvebox into the future. Wherever you are, Dryvebox is working to bring golf directly to you."

Dryvebox more than doubled its fleet of mobile golf simulators this year. So far in 2024, the company has opened 16 new Boxes in cities across the US, plus one in Kelowna, Canada. Other Boxes, including those in Edison, NJ, and Napa, CA, are set to launch soon.

With co-founders Adeel Yang, Jake Hutt, Tim Lin and Matt Gipple putting golf on wheels, Dryvebox has addressed the problem the game often faces: The need for accessible playing opportunities. In doing so, the company has attracted major brands, including Cobra Puma, Topgolf, Genesis, Lexus and Malbon Golf. Dryvebox, with these partners and others, provides a turnkey solution to expand golf's presence beyond conventional settings, and has become a favorite at any event.

"Dryvebox aligns well with TMRW Sports' vision of harnessing technology to create modern, immersive sports experiences and making the game of golf more accessible through technology. Their mobile golf simulators have quickly become an important tool for our TGL presented by SoFi teams to engage fans in their home markets and we look forward to playing a role in fueling the company's continued growth," said Joey Brander, Founding Team and VP, Corporate Development, TMRW Sports.

"Making golf more enjoyable and accessible to everyone interested in the game sits at the core of Golf Digest's brand identity. Dryvebox's mission to cultivate golf everywhere is strategically aligned with our goals and its leadership team has already demonstrated the experience and drive to succeed. We look forward to leveraging our relationship with the golf audience to tell Dryvebox's story and help create more memorable golf experiences for consumers and brand partners alike," said Chris Reynolds, SVP & General Manager at Golf Digest.

"When we made our initial investment in Dryvebox, we had complete confidence in Adeel and his entire team – and our belief has only been cemented by the growth we've seen. Our continued investment in Dryvebox reflects our confidence in their innovative approach to making golf more accessible and fun. Dryvebox is at the forefront of golf innovation, and its continued expansion and ability to attract major brand partners demonstrate the strong market demand for its mobile golf experience. We are excited to support Dryvebox as it brings golf to even more people," said Matt Erley, Managing Partner at Old Tom Capital.

"EP Golf Ventures is excited and bullish on the future ahead for Dryvebox. The Dryvebox business has a scalable model, strong leadership, including a PGA of America Member Jake Hutt, and unique value that truly brings the game to new places," said Kris Hart, Senior Director of Growth and Ventures for the PGA of America.

About Dryvebox:
Dryvebox is an off-course golf entertainment company founded in 2020 with a mission to cultivate golf everywhere. The company is known for its events, where people play golf on simulators integrated into the company's high-end, patented mobile golf trailers ("Boxes"). The weatherproof, climate-controlled, and solar-powered boxes serve events ranging from intimate parties to 100,000-person affairs. Between events, individuals use the boxes for coaching, personal practice, and play. Dryvebox currently has both corporate and franchised units across the United States, and is excited to offer entrepreneurs and golf enthusiasts the opportunity to grow the game in their communities and join this exciting venture. Learn more at www.dryvebox.com.

SOURCE Dryvebox