F1 Arcade, the series' experiential entertainment venue ventures, has secured UK£30 million (US$37.7 million) worth of investment to aid in its global expansion plans.
Confirmed:
- Funding round attracted notable investors, led by Formula One and Liberty Media, with participation from investment firm Imbiba
- Support in the Formula One paddock came from McLaren Racing chief executive Zak Brown, as well as drivers Lando Norris and Logan Sargeant
- F1 Arcade is aiming to add more venues in Europe, the Middle East and Australia, as well as expanding in the UK and US
Context: As part of a five-year global licensing deal with Kindred Concepts, F1 Arcade opened its first venue in London, UK, at the end of last year. This will be followed by another UK venue in Birmingham later this year, before F1 Arcade goes stateside for the first time in Boston in early 2024.
Comment: Adam Breeden, chief executive and founder of F1 Arcade, said: “We are truly excited to be working closely with Liberty Media and Formula One 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.”
Coming next: F1 Arcade plans to open more than 30 locations globally by the end of 2027, so this investment enables the entertainment venue to kickstart the next phase of its international growth plans.