Level99 secures $50M to boost expansion efforts as construction at Disney World begins
Photo | Courtesy of Level99
Level99's location in Tysons, Virginia
Fresh off opening a new location outside Washington D.C., Natick-based social entertainment firm Level99 has secured $50 million in follow-on growth equity from ACT III holdings, an investment firm led by the founder of Panera Bread.
The capital will be used to further grow the footprint of Level99, which opened its first location in the Natick Mall in 2021. The company opened a location in Tysons, Virginia in August and is working on locations at the Walt Disney World Resort in Florida and in West Hartford, Connecticut.
The company has broken ground on the Disney World location and expects the Connecticut location to open in early 2026. Level99 is in active negotiations in 15+ states, with the goal of locating urban and suburban markets with venues ranging from 30,000 to 45,000 square feet, according to a Tuesday press release from the company.
“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,” Matt DuPlessie, founder and CEO of Level99, said in the press release. “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.”
Act III Holdings is a Miami-based investment firm operated by Ron Shaich, founder of Panera Bread and co-founder of Au Bon Pain. Level99 leader Matt DuPlessie is a Harvard Business School graduate and member of the WBJ 2025 Power 100.
Level99’s venues feature dozens of rooms with physical and mental interactive challenges, with customers wearing RFID wristbrands keeping track of their scores and progress. The venues feature food and beverages, with the Natick location featuring a taproom and restaurant run in partnership with Everett-based Night Shift Brewing.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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