Level99 has secured a $50 million follow-on growth equity commitment from Act III Holdings to accelerate new location development and expand its social entertainment brand into top-tier U.S. markets. This funding comes after results from the company’s first two venues exceeded initial projections, underscoring confidence in Level99’s scalable model.
Founded in 2021 in Natick, Massachusetts, Level99 blends real-world physical and mental challenges with chef-driven kitchens and craft beverage programs. The concept has rapidly gained traction in the competitive socializing space, offering immersive experiences that combine gaming, culinary excellence, and elevated hospitality under one roof.
The follow-on investment supports the recent opening of a third venue in Tysons, Virginia, and the groundbreaking of a flagship location at Disney Springs in Orlando, Florida. A fourth site is slated to debut in West Hartford, Connecticut, in early 2026, and active negotiations are underway in more than 15 states for additional 30,000 to 45,000 square-foot venues.
Act III Holdings, led by Panera Bread founder Ron Shaich, has been the sole equity partner since Level99’s inception. The latest commitment builds on the firm’s original investment and reflects a shared vision for a category-defining entertainment brand that resonates with the 21–39-year-old demographic.
How the funding will be used: The proceeds will fund accelerated site selection, design, and build-out efforts, as well as the expansion of Level99’s leadership and operational teams. The company plans to deepen its real estate pipeline, optimize unit economics, and reinforce its position as the market leader in active social entertainment.
KEY QUOTES:
“This $50 million growth equity commitment marks a pivotal moment in our evolution, and we are thrilled to have Act III reaffirm its commitment to Level99. Act III has been our partner since day one and has seen firsthand how strongly the concept is resonating with consumers, landlords, and developers alike. Their continued confidence enables us to move faster, sign the best projects, and build Level99 into a category-defining entertainment brand with a national footprint.”
Matt DuPlessie, Founder and CEO of Level99
“At Act III, we invest in companies that are shaping the future of how people eat, connect, and play. Level99 is leading the transformation of the entertainment industry by delivering a truly differentiated and better guest experience. With the industry’s largest proprietary library of compelling challenge room content, strong consumer demand and repeat attendance, best-in-class unit economics, and a deep leadership team, we are excited to back Level99 as it scales into a nationally dominant entertainment brand.”
Ron Shaich, CEO and Managing Partner of Act III Holdings and Board Chair of Level99
