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Sunday, April 21, 2024
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McIlroy Group Invests $10M in Rec Golf Venture

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John David Mercer-USA TODAY Sports/Puttery/Design: Alex Brooks

Four-time golf major champion Rory McIlroy and his investment group, Symphony Ventures, are investing in Puttery, an indoor golf experience from Topgolf rival Drive Shack.

Symphony has committed at least $10 million for 10% ownership of each Puttery venue that opens through 2023. Dallas and Charlotte are slated for the first locations.

The move is the latest to capitalize on the growing trend of golf-related entertainment.

  • Tiger Woods kicked off his partnership with putt-putt chain PopStroke in 2019.
  • After merging with Callaway, Topgolf added mini-golf courses to its locations. Topgolf’s founders also created Puttshack, which is open in Atlanta and coming to other cities.
  • Swingers, a high-end mini golf experience from the U.K., is opening in Washington, D.C. and New York after raising $20 million from Cain International.

More than 130 million people play mini-golf each year and the industry’s annual revenue exceeds $1 billion.

McIlroy was a part of Whoop’s $100 million Series E funding round last year. The 32-year-old signed a 10-year, $100 million deal with TaylorMade in 2017 and a reported $200 million deal with Nike in 2013.

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