The British twins who sold their golf driving range operator for $2bn (£1.5bn) last year are planning to repeat their success with the same sport indoors.
Steven and Dave Jolliffe, the founders of Topgolf, have raised $60m of investment for mini golf operator Puttshack to roll out new venues in the US.
The siblings launched Topgolf in Watford in the late 1990s before taking the business to America and expanding across the country. They sold it to golfing brand Callaway last October in a deal worth $2bn.
Puttshack, which is backed by British private equity firm Promethean Investments, was unveiled in 2018 and has three sites in London. A fourth has recently opened in Atlanta in the US.
Like Topgolf, Puttshack changes the traditional rules of the game. Players win by taking the most, rather than fewest, shots, for instance. And a microchip is implanted in the ball that counts the number of shots taken to negate cheating. More than 1m rounds of mini golf were played during Puttshack’s first 18 months.
The siblings are working with Adam Breeden, the leisure sector entrepreneur that founded All Star Lanes and Flight Club. The business is run on a day-to-day basis by chief executive Joe Vrankin, who successfully led the launch of Topgolf in the US from 2008 to 2012.
Steven Jolliffe said: “We developed Puttshack so that golf could be fun for everyone. Even at Topgolf, you need a certain level of skill to swing a club. At Puttshack you can walk off the street with no prior golf knowledge and get a club in your hand and have fun and compete with age, physical ability and sports background taken out of the equation, with the tech to appeal to the digital generation. We hope Puttshack will redefine mini golf.”
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