Tom’s Watch Bar revealed that John Elway, a two-time Super Bowl champion and nine-time Pro Bowler made a substantial investment in their innovative super-sports bar concept. Elway also joined the company’s Board of Advisors.
“I am extremely pleased with the opportunity to invest directly into Tom’s Watch Bar – a well-developed early-stage concept with strong unit-level economics,” said Elway. “This company operates a strong core of highly profitable bars and restaurants, with a robust pipeline of growth, having an additional seven high-volume locations already in construction. Tom’s Watch Bar is bringing an entirely new sports entertainment concept to the bar and restaurant marketplace, filling an unmet need in the sports entertainment marketplace with virtually no true competitive concept in the landscape.”
With increased fan participation in fantasy leagues and sports betting, the sports entertainment industry continues its growth. There has also been an increase in playoff series viewing which includes NCAA and professional sports.
“America is consuming sports differently, watching a much wider variety of sports than ever before. Tom’s Watch Bar is the perfect solution for superfans who need to watch numerous games at the same time,” said Elway. “I plan to serve as a very active board member helping the founding team to continue to grow its national footprint and value.”
“We are extremely excited to have John Elway as an investor and board member,” said Tom Ryan, co-founder of Tom’s Watch Bar. “John brings a unique blend of knowledge and relationships in the sports industry. His proven leadership and business acumen, from the football field to the field of business, make him an integral partner in our continued success.”
David Robertson, CEO of FrontRange Capital Partners will also make a personal investment and join Tom’s Watch Bar’s Board of Advisors. Dave brings a wealth of experience and sophistication to the business, as well as a remarkable track record in real estate and F&B.
This third significant capital infusion has occurred to the company’s capital structure. After an initial $24M equity injection, Tom’s Watch Bar announced $30M of fundraising with Sagard Credit Partners in September 2022.
The capital raised recently is being used for growth. Tom’s Watch Bar currently operates six units, the newest located in downtown Minneapolis.
Capital One Arena in Washington D.C. will open in November. It has seven more units in construction. Nine new leases and LOIs are currently under negotiation.
Tom’s Watch Bar has run rate systemwide revenues of more than $40M, based on six existing bar restaurants. After completing seven units of construction, the company expects to increase run rate systemwide revenue to over $100M.
