Flight Club operator State of Play gets $10M to expand
State of Play raises $10M to fuel North American expansion of Flight Club venues.
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State of Play Hospitality has secured $10 million to support the opening of four new Flight Club locations in the U.S., increasing its footprint to 15 units. The funding follows a year of strong same-store sales growth of 8.3%, driven by demand for events at its unique darts and dining venues. This surge suggests a promising outlook as the company focuses on North American markets amidst mixed performance in the eatertainment sector.
Why It Matters
The funding and expansion highlight the evolving unit economics for franchisees in the eatertainment segment, which may attract further interest from potential franchisees in bustling urban territories.
State of Play Hospitality, the operator of the popular darts-and-dining concept Flight Club, has secured $10 million in funding to expand its presence in North America. This latest investment follows the company’s achievement of impressive same-store sales growth of 8.3% year over year in its fiscal 2026, which concluded on March 29. With this funding, the company plans to open four additional Flight Club locations in major cities including New York City, Dallas, Minneapolis, and Nashville, which will increase its total U.S. locations to 15.
The capital raised comes from existing investors and builds on a previous $45 million funding round in 2022, which included $10 million from Red Engine, the creator and franchisor of Flight Club. The company’s primary focus remains on North American expansion, capitalizing on the soaring demand for corporate events and social gatherings at its venues.
CEO Toby Harris highlighted the significance of their operational strategy, stating, “Credit needs to go to the entire State of Play team... we’ve managed to buck the wider industry trends and build a strong and scalable U.S. operating platform.” Flight Club generates the majority of State of Play’s revenue, accounting for 80% of its total revenue of $72 million last year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced a substantial increase of 45%, rising to $7.7 million.
While the growth of Flight Club is notable, the landscape for eatertainment concepts remains mixed, with some competitors like Dave & Buster’s and others facing significant challenges. The ongoing expansion of State of Play may suggest a robust health of the brand's system as it embraces this growth potential despite the broader market fluctuations.
Looking ahead, the pace of State of Play's expansion may depend on its ability to secure additional financing and maintain operational efficiencies within its growing network of locations.
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