Topgolf was founded in 2000 by brothers Steve and Dave Joliffe. In January 2020, Bloomberg reported that the company had “selected banks for an initial public offering that could value the company at about $4 billion, according to people familiar with the matter.” Despite this report, the company has not officially endorsed a plan to participate in an IPO.
Topgolf owns and operates what it calls “Entertainment Venues,” which each functioning as a fusion of driving range, restaurant, bar, and club. Topgolf currently has venues in more than 70 cities spread over five countries, including sites that are “coming soon,” according to its website. Topgolf had not disclosed details of the majority if its funding rounds, but Pitchbook estimates the company has raised at least $650 million in capital, including an estimated $525 million in debt from investors including ID Fund, MicroVentures, Fidelity, Providence Equity Partners, Dundon Capital Partners, Callaway, and WestRiver Group.