T H E E X P E R I E N C E F U N D

Industry-leading companies shaping the Experience Economy

The Experience Fund

XPR | Structured growth capital for IP-rich technology and AI-enabled B2B companies shaping the Experience Economy.

Promethean investment experience + EMERGING sector relationships and commercial acceleration.

Request Investor Overview → Meet the Team →

First Close Investments

State of Play TAiV

01 / Vehicle Overview

$ 500 Million

Of structured growth capital for IP-rich and AI-enabled category leaders in the Experience Economy.

What We Do

Investing in differentiated businesses that create, power and scale experiences—through proprietary IP, technology and AI.

How We Do It

Scaling early-stage investments through follow-on and consolidation as a strategic partner.

Why Us

The Fund pairs Promethean's 20-year institutional investing track record ($700M+ deployed) with EMERGING's sector relationships, operating insight and commercial acceleration. EMERGING's commercial relationship with Buyers Edge provides operator access and dedicated resources to help validate demand, develop partnerships and support growth.

02 / Two Investment Areas

Own the IP. Expand through partners.

Experience Fund sits at the intersection of premium hospitality , proprietary technology , and corporate demand .

Promethean and EMERGING are combining sourcing, sector access, underwriting, and strategic growth.

Corporate demand can represent 50%+ of total venue revenue in leading concepts.

Experiential IP platforms

Brands, technology and licensing

Invest in owned brands, proprietary technology and licensing economics. Expand beyond owned venues through licensees, franchisees and strategic partners, subject to the rights secured and definitive terms.

Enabling technology

Power the Experience Economy

IP-rich technology and AI-enabled B2B companies supporting operators through software, automation, media and commercial infrastructure. Multiple monetization paths include royalties, licensing, franchising, technology, flagship venues and sports expansion.

03 / Investment Strategy

Access. Validate. Invest. Scale.

Access → Validate → Invest → Scale

01 — Access / Early Exposure

Access

Generate access and options with nominal capital; validate demand and the investment thesis over 12–18 months before a core growth investment.

Check size: Nominal capital
Structure: Access / options
Stage: Series A–B
Validation: 12–18 months

Pipeline GETT, BigHoops, Mirra, BrewBird

02 — Core Growth

Core Growth

Exercise options on winners + new growth investments at scale.

Check size: $10–25M
Ownership: 10–20%
Stage: Series A–B+
Positions: 8–12

Pipeline TAiV (option), RestauRent (option), US BillyQ

03 — Follow-On / Consolidation

Consolidation

Double down on the best, consolidate the category.

Check size: $25–75M
Ownership: 15%+ to control
Stage: Series B+ / Growth
Positions: 2–4

Pipeline BatBox, State of Play

Selected rights from EMERGING Fund I deals are expected to transfer to the Experience Fund, subject to required consents and definitive documentation. Portfolio construction is illustrative and subject to change; option exercise is subject to investment approval.

04 / Portfolio

First close investments with known, high-conviction assets.

State of Play and TAiV form the first-close investment foundation of the Experience Fund, spanning an IP-rich experiential platform and scalable corporate technology.

State of Play — Venue Imagery

Experiential Hospitality · View overview → →

State of Play

c.$35M identified investment value
~$72M TTM revenue
$17M venue EBITDA
25% mature venue EBITDA margins

"A scaled competitive-socialising platform — NYC Flatiron opens Q4 2026."

TAiV — Hospitality Tech

Venue Media / Hospitality Tech · View overview → →

TAiV

$5M pre-negotiated option at Fund I terms
6,226 signed locations
77% gross profit margin
EBITDA positive · Series B 2H2026

"A scalable venue-media and hospitality technology layer, EBITDA positive."

05 / Our Advantage

Commercial access. Practical growth support.

EMERGING has a commercial relationship with Buyers Edge to sell technology, supported by dedicated resources. Operator access and sector relationships are used to help validate demand, develop partnerships and support growth. GP John Davie founded the Buyers Edge Platform.

$ 100 B+

In network transactions

1,100 +

Supplier partners

324 K+

Operator locations

Acquisitions since inception

2,500 +

Distributor connections

Countries served

Intelligence

Operator relationships help the team understand commercial needs and identify potential partners. Network scale is not a guarantee of customer access or revenue.

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Conviction

Commercial validation informs underwriting alongside financial, technical and legal diligence. Investment risk remains; no exclusive data rights are implied.

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Value Creation

Dedicated commercial resources help develop channel partnerships and support portfolio growth. Results depend on customer demand and execution.

Commercial relationships support demand validation, partnership development and growth.

06 / Value Creation

A compounding cycle that accelerates portfolio growth.

Portfolio Growth

Commercial Acceleration

Partnerships, distribution, licensing.

Technology & AI

Dynamic pricing, AI ops, in-venue media.

Market Expansion & Go-to-Market

Enterprise sales, channel partnerships, licensing and multi-site expansion.

Operating Leverage

Procurement relationships and operating expertise.

Promethean investment experience and EMERGING commercial resources support these growth initiatives; outcomes depend on investment terms and execution.

07 / Leadership

A team that built the industry's leaders.

Investment Committee

Contact →

@ in

Mathew Focht

Founding Managing Partner, EMERGING

Contact →

@ in

Michael Burt

Founding Managing Partner, Promethean

Contact →

@ in

Angus Burt

Partner, Promethean

Contact →

@ in

John Davie

Founding Operating Partner, EMERGING

Contact →

@ in

Matt Menna

Founding Operating Partner, EMERGING

Fund Operations

Contact →

@ in

Julie Martin

Chief Financial Officer, EMERGING

Contact →

@ in

Archie Bound

Partner, Promethean

EMERGING Acceleration Team

Contact →

@ in

Hilary Slocum

Partnerships · Grubhub, Choco, Tapingo

Contact →

@ in

Peter Kratsios

Experiential Growth · Topgolf Swing Suite

Contact →

@ in

Steve Lane

International · F1 Arcade, Topgolf global

Contact →

@ in

Jim Sofranko

Strategic Partnerships · Groupon, FEVO

Contact →

@ in

Max Taylor

Business Development · Texas Roadhouse

98 %

of EMERGING's LPs come from restaurant & hospitality

are CEOs & founders of industry companies

16 of 58 LPs serve as formal Fund Advisors — providing diligence, GTM, and strategic guidance. The remaining 42 are confidential.

Select Fund Advisors

Randy DeWitt

Founder/CEO, FB Society; Rockfish, Twin Peaks, Velvet Taco, Whiskey Cake

Adam Breeden

Founder/CEO, F1 Arcade; Co-Founder Flight Club and Hijingo

Scott Lawton

Co-Founder & CEO, bartaco

Steve Lombardo

CEO, Gibsons Restaurant Group

Sterling Douglass

Co-Founder & CEO, Chowly

Damian Mogavero

Founder & Former CEO, Avero; Founder, Vantero

Ted Koenig

Chairman & CEO, Monroe Capital

Scott Redler

Co-Founder, Freddy's; 2023 NRA Chairman

Nick Hogan

Founder/CEO, Flagship Restaurant Group; Blue Sushi, Anthem, Palma, Plank, Ghost Donkey

Mike Lombardo

Owner, Gibsons Restaurant Group

Rom Krupp

Founder/CEO, OneDine; Founder, Marketing Vitals

Padma Rao

Marketing & product executive; Grubhub, Zynga, Netflix, Tapingo

Jay Stieber

General Counsel, Lettuce Entertain You; former NRA Chairman

Kyle Kavanaugh

Founder/CEO, Main + Main

Andrew Peskoe

Chairman, Golenbock; food, beverage & hospitality legal advisor

David Schwab

President, The Chris Paul Collective

Plus 42 additional LP-operators whose identities remain confidential.

08 / GP History

A partnership built through shared investing since 2019.

Promethean Investments

Est. 2005

EMERGING

Est. 2016

Fund I launched

2005

Fund I exited — 41% Gross IRR

2013

Fund II launched

2014

2016

EMERGING founded

2018

Buyers Edge formed

2020

Fund I first close

State of Play

2020

State of Play

2024

Buyers Edge recap $1.1B

~$270M deployed experiential

2025

Fund I close — 324K+ operators

2026 → The Experience Fund

09 / Track Record

Built on an established investing pattern.

3.5x

Target Net MOIC

~25%+

Target Net IRR

$ 500M

Vehicle cap

$ 10M+

GP commitment

$ 300M+

Co-investment capacity

Promethean

Fund

Period

Invested

Performance

Fund II — Consumer and B2B

2014–Present

~$228M (including co-investment) in 5 companies

~128% of initial capital returned with 3 assets remaining. ~16% gross IRR and ~14% Net IRR at Dec 26

Experiential SPVs

2018–Present

~$270M deployed and invested through 6 SPVs in State of Play and Puttshack

Scaling — individual SPV performance available under NDA

Single asset SPV — Consumer / Ecommerce (debt)

2021–Present

~$50M invested alongside co-sponsor in a ~$500M total debt transaction

~2x gross MOIC, ~1.9x Net MOIC and c. ~16% gross IRR, ~15% Net IRR at June 2026

*Performance figures are calculated at different points in the year depending on the vehicle. The figures published here may not be up to date and cannot be relied upon.

EMERGING

Fund

Period

Invested

Performance

Fund I — Consumer

2023–Present

$50.1M + $10M SPV · ~$78.1M FMV

Gross TVPI ~1.3x (12/31/2025)
Target 3.5X Net MOIC

Largely at cost or early markup, with the strongest positions ahead of their primary value inflection. Notable markups: Botrista 1.7x ($480M post-money, $40M+ ARR), F1 Arcade 3.2x , Chowly 1.8x , Poolhouse 1.6x .

Select Historical LPs & Co-Sponsors

Representative LPs and co-sponsors across Promethean and EMERGING vehicles.

10Investment Opportunity

Defensible IP. Repeatable economics. Multiple paths to scale.

We look for demonstrated demand, differentiated technology and opportunities to expand through licensing, franchising and strategic partnerships. Each investment remains subject to underwriting and transaction-specific diligence.

11 / From the EMERGING Desk