Five Iron Golf
To help continue to expand and improve its indoor golf experiences, Five Iron Golf said it received a $20 million minority investment from the growth equity fund co-founded by restaurateur Danny Meyer, founder and chairman of Shake ShackSHAK, as well and owner/operator of New York restaurants such as Union Square Café, Gramercy Tavern and The Modern.
Five Iron Golf now has 24 locations in the U.S., including a new flagship facility at New York’s Grand Central Station that features 15 golf simulators, two full-service bars and recreation areas with activities such as air hockey, billiards and shuffleboard. This is the sixth New York location for the company, which debuted in Manhattan in 2017 and has since expanded to Baltimore, Chicago, Cincinnati, Cleveland, Detroit, Indianapolis, Las Vegas, Philadelphia, Pittsburgh, Washington and Seattle.
Five Iron Golf is billed as an “urban golf experience” that combines golf, technology and entertainment in an inclusive environment, allowing participants of all ages and skill levels to play, practice and have fun from early morning until late at night.
In addition to the financial investment from Meyer’s Enlightened Hospitality Investments (EHI), Five Iron Golf brings significant expertise and experience in hospitality and consumer-facing businesses. Both Mayer, who is widely recognized as a pioneer in the hospitality industry, and EHI co-founder and managing partner Peter Mavrovitis will join Five Iron’s board of directors and provide strategic guidance for the company’s future direction, growth and experiential component. This is EHI’s first venture into sports, counting companies such as Clear, Madison Reed and a host of culinary brands in its portfolio.
“This investment is a testament to our belief in Five Iron’s vision and commitment to open up the world of golf to both enthusiasts and avid amateurs who want to practice their inner love of golf without having to visit the links,” said Mayer, who is also joined by Mark Leavitt and Harry Secher-Toss in efforts to expand Five Iron’s flagship locations and franchise opportunities.
The company is actively exploring expansion opportunities and has secured franchise locations in St. Louis, Missouri; Erie, Pennsylvania; Louisville, Kentucky; Westchester, New York; and Yukon, Oklahoma. Internationally, the company is developing locations in Australia and Dubai.
Five Iron Golf
Five Iron Golf CEO and co-founder Jared Solomon said the partnership between his company and EHI underscores a shared vision to revolutionize the booming golf entertainment sector.
The National Golf Foundation recently reported that almost 33 million Americans played forms of golf off the course (away from a golf course) in 2023, with more than 6 million hitting golf balls with a stick in a simulator in the past year.
Participation in golf simulators is up 73 percent in the U.S. compared to pre-pandemic levels, according to the NGF. Successful consumer franchises such as Five Iron, Topgolf Swing Suite, X Golf and Golfzon Social continue to expand into a landscape that also includes simulators at green-grass golf facilities, golf retail stores, one-stop retail locations and various club shops , not to mention the growing number of home simulator setups.
“With this support, we are poised to accelerate our growth, enhance our offerings and continue to provide an unparalleled experience for golf enthusiasts and newcomers alike,” said Solomon. “Together with Danny and EHI, we are embarking on an exciting chapter of innovation, expansion and unforgettable moments on the green.”
This is the first major external partnership for Five Iron Golf since Callaway Golf made a $30 million investment in the company in 2021.
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