Harbottle & Lewis has advised F1 Arcade®, founded by long-standing client Adam Breeden, on its recent £30m fundraising round.
The financing attracted notable investors, led by Liberty Media Corporation and Formula 1®, with participation from leading sector-focused investment firm Imbiba. There was also support from names across the F1® paddock, including McLaren Racing CEO Zak Brown and Formula 1 drivers Lando Norris and Logan Sargeant.
Funds from the round will support F1 Arcade’s plans to globally expand its highly successful immersive social entertainment venue concept incorporating F1 racing simulators. F1 Arcade plans to open more than 30 locations globally by the end of 2027, with the first US site in Boston scheduled to open in 2024.
Commenting on the deal, H&L Corporate Partner Tom Macleod said “We are very proud to continue to act for F1 Arcade, building on the firm’s long standing relationship with Adam Breeden. F1 Arcade has already proved extremely successful in a short space of time and we are sure the business will continue to go from strength to strength as it expands globally. Deals of this nature fall squarely within our sweet-spot, advising fast-growing companies in the tech, media and entertainment space, and further demonstrate our capacity as a firm to handle dynamic, fast-paced transactions.”
On working with the team at Harbottle, F1 Arcade’s CFO Jonathan Peters said “Tom and his team were once again extraordinarily supportive on this fundraise, working around the clock in the most professional manner across many complex scenarios. We genuinely look forward to working with them again over the coming years as F1 Arcade continues to expand internationally.”
The Harbottle team which advised Kindred on the transaction was led by Corporate Partners Tom Macleod and Colin Howes, with support from Senior Associate Katerina Capras, Associate Xander Walters and Trainee Kerry Hanley.