Level99 Raises $50 Million in Growth Equity from Act III Holdings to Fuel National Expansion

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NATICK, Mass.--(BUSINESS WIRE)--Sep 9, 2025--

Level99, the market leader in active, social entertainment featuring 50+ real-world, physical and mental challenges, today announced that it has secured a $50 million follow-on growth equity commitment from Act III Holdings, the investment vehicle led by Panera founder and current CAVA Chair Ron Shaich, and the sole equity partner in Level99 since its founding. This capital will be used to accelerate new unit development and expand the brand into top-tier markets across the U.S.

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Axe Run is Level99’s signature player-vs-player duel, where players race across a narrow beam while dodging swinging axes.

This new commitment from Act III is a follow-on investment and a signal of the strength and scalability of the Level99 model. The announcement comes on the heels of Level99’s third venue opening in Tysons, VA last month, and the groundbreaking of its highly anticipated venue at Disney Springs in Orlando, FL. The company is also slated to open its fourth location at Corbin’s Corner in West Hartford, CT in early 2026.

The competitive socializing category has seen explosive growth in recent years, as consumers increasingly seek experiences that combine social activity with physical engagement and elevated hospitality. Act III is building on its original investment in Level99 after results at the company’s first two locations have doubled initial projections.

“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,” said Matt DuPlessie, Founder and CEO of 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.”

Founded in 2021 with its first venue in Natick, MA, Level99 has since established itself as an industry-leading experience at the intersection of real-world gaming, culinary excellence, and social connection. Blending high-intensity physical and mental challenges with chef-driven scratch kitchens and craft beverage programs, Level99 is the only concept in the rapidly growing competitive socializing space to fully integrate interactive entertainment with a premium food and beverage offering.

With active negotiations in over 15 states, Level99 is actively expanding into top urban and suburban markets with 30,000 to 45,000 sq. ft. venues that offer high visibility, easy access, and close proximity to the 21–39-year-old adult demo.

“At Act III, we invest in companies that are shaping the future of how people eat, connect, and play,” said Ron Shaich, CEO and Managing Partner of Act III Holdings and Board Chair of Level99. “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.”

For real estate inquiries, please contact Level99 Chief Development Officer Doug Schnell at [email protected].

For more information about Level99 and to stay up to date on the latest news and store openings visit level99.com or follow Level99 on social media @golevel99.

About Level99
Level99 is a first-of-its-kind social entertainment venue, offering proprietary, real-world physical and mental interactive challenges and mini-games, chef-driven scratch cooking, and handcrafted beverages for a complete sensory adventure. The company is headquartered in Natick, MA, with a second location in Providence, RI, third in Tysons, VA, and two more under construction in West Hartford, CT, and Orlando, FL. More information is available at www.level99.com.

About Act III Holdings
Act III Holdings is a $1.5 billion evergreen investment vehicle founded by Ron Shaich, founder and former Chair and CEO of Panera Bread and current Chairman and lead investor of Cava. Act III holds significant investments and strategic advisory roles in Tatte Bakery, Life Alive Organic Cafe, Honest Greens Barcelona, and Level99, supporting the growth of tomorrow’s market-leading restaurant and entertainment companies. The firm invests in emerging restaurant, entertainment, and technology brands, and helps them build a dominant position in powerful categories within their respective industries. Act III also partners with public companies to provide strategic capital and guidance. Shaich and his team have a proven track record of fostering innovation and scaling private and public companies to category-leading positions. For more information, visit www.act3holdings.com.

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CONTACT: Media Contact

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KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: RESTAURANT/BAR OTHER ENTERTAINMENT FINANCE GENERAL ENTERTAINMENT PROFESSIONAL SERVICES ELECTRONIC GAMES RETAIL ENTERTAINMENT

SOURCE: Level99

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PUB: 09/09/2025 08:58 AM/DISC: 09/09/2025 08:57 AM

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