Financing

Punch Bowl Social plots accelerated growth

The eatertainment brand, which just secured $20 million in financing, plans to add eight units in the next year.
Photograph courtesy of Punch Bowl Social

Growth-minded eatertainment brand Punch Bowl Social, which operated just nine units last year, plans to have 22 locations open by the end of 2019.

The company, which announced Wednesday that it has secured another $20 million in financing to fuel its expansion, is known for its 30,000-square-foot, millennial-friendly spaces packed with games and a menu of craft beverages and high-end comfort fare. But Punch Bowl Social is rolling out a smaller-footprint prototype to make it better able to find real estate in high-rent areas.

This latest funding round comes from lender CrowdOut Capital, which provided 14-unit Punch Bowl Social with a loan earlier this year.

Punch Bowl Social was just a nine-unit chain in 2017 when it received an unspecified but "significant" investment from private-equity firm L Catterton to spur its expansion.

The company is getting ready to roll out a 12,500-square-foot prototype, less than half its typical footprint, in Fort Worth, Texas, next year. 

"The move to introduce a smaller footprint in the Punch Bowl Social portfolio was inspired as much by demand as it was opportunity," founder and CEO Robert Thompson told Restaurant Business. "We are continually fielding requests from developers and other interested parties to bring Punch Bowl Socials into their cities. It was important that we take our time to conceptualize what a smaller-sized Punch Bowl Social might look like to ensure it would still feel and operate like the larger models, providing a full experience, just in a smaller space."

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