UK SOCIAL HOSPITALITY BRAND F1® ARCADE ANNOUNCES £30M INVESTMENT FOR GLOBAL EXPANSION

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Jun 12, 2023, 07:00 ET

LONDON, June 12, 2023 /PRNewswire/ -- F1® Arcade, the pioneering social hospitality concept and the first official Formula 1® simulator racing experience to put socialising at its core, announces a successful £30 million investment to fuel the next phase of international growth.

F1® Arcade’s flagship venue in St Pauls, London

This funding will support F1 Arcade's international expansion plans, primarily in the US, where the business is building a significant pipeline of new venues. The business plans to own and operate sites in the UK and the US, and multiple discussions are underway with leading franchise partners around the world, including Europe, the Middle East and Australia, amongst other territories.

The round attracted notable investors, led by Liberty Media and Formula 1, with participation from leading sector-focused investment firm Imbiba. 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 Arcade's opportunity for expansion in the US comes as F1 has grown exponentially in the market, with last season's 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 F1's 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.

"Given the success of the first location 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. For now, we are eagerly anticipating the opening of Birmingham UK in late 2023 and our first US site in Boston in early 2024 as well as announcing further locations imminently." 

About F1 Arcade   

F1® Arcade, the world's first official premium F1® experiential hospitality brand, launched its flagship 16K square foot venue in London, overlooking St Paul's Cathedral, in December 2022. F1 Arcade brings all the excitement, glamour, and thrill of Formula 1 driving to the masses. Featuring 60 full-motion racing simulators, 2-reaction games, huge viewing screens, best-in-class food and cocktails, with an electric atmosphere. This is social gaming like you've not seen before.    

An in-house tech team worked in collaboration with Formula 1 and Studio 397, a subsidiary of Motorsport Games, to create a new gaming experience leveraging Studio 397's racing simulation platform rFactor 2.   

F1® Arcade is the first and only officially licensed competitive socialising F1 experience specifically designed for the mass market, supported by Formula 1.    

About Kindred Concepts   

Kindred Concepts Ltd, trading as F1® Arcade, is a standalone corporate entity with an exclusive licence from Formula 1 to bring F1® Arcade to market. F1® Arcade is led by Founder and CEO Adam Breeden with a staff of 139 operating out of the UK and US.

About Adam Breeden

Adam Breeden is the Chief Executive Officer and Founder of F1® Arcade and is widely credited as the original pioneer of competitive social and experiential entertainment. Beginning his career as co-founder of the multi-award-winning cocktail bar and restaurant Lonsdale in London in 2002, he has since been recognised for his extraordinary commitments to the international hospitality industry and pioneering the combination of sports with technology to create unsurpassed innovative concepts, founding breakthrough concepts including Bounce, Flight Club, Puttshack, Hijingo, and F1® Arcade.

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SOURCE F1® Arcade