Mayfair-based alternative finance house IW Capital has announced an investment in PlayMoreGolf the flexible membership platform for golf clubs
PlayMoreGolf is the first flexible golf membership linking individual golf clubs across the United Kingdom under one membership. The service provides an alternative to golfers who may not be able to justify the expense of a full golf membership but desire more choice, value, flexibility and convenience whilst enjoying the benefits of golf club membership. The EIS qualifying investment of £1 million will be used to accelerate growth through the recruitment of additional team members, focused on supporting partner clubs and future product developments amongst other activity.
The golf industry has seen a decline in the number of traditional golf club members for a number of years. Being a member of a golf club can be expensive, and depending on the frequency played, it can be a lengthy process to choose a club to join. Being attached to only one specific club also restricts members from playing on a variety of courses.
The PlayMoreGolf membership category enables clubs to attract new members and also provides additional revenue to the facility. Many golf clubs often do not have the infrastructure or resources to launch, maintain and combine flexible membership products together.
PlayMoreGolf currently has over 140 partner golf clubs, with 12-15 new clubs choosing to work with PlayMoreGolf each month and is approaching 5,000 playing members. This comes alongside a premium white label service allowing users to access more prestigious courses. Yas Links in Abu Dhabi, ranked as the 44th best golf course in the world, has recently started to us the platform in 2019.
The management team is formed of Alastair Sinclair (CEO), Jamie Carroll (CMO) and Lynn Sinclair (CFO). The team are now targeting international expansion in the key, highest golf playing countries in Europe, including; Germany, Sweden, France, Netherlands and Spain. This focus will then move to markets further afield in the Southern Hemisphere.
Luke Davis, CEO and Founder of IW Capital, has commented on the announcement: “The funding provides a major boost to a well-established, UK company to help expand its international scalability. We are thrilled to be able to help PlayMoreGolf take the next step in their growth through our EIS qualifying equity offering.”
Alastair Sinclair, CEO of PlayMoreGolf commented: “This investment marks a significant milestone in PlayMoreGolf’s growth to date, signifying not only the scale of the market, but our role in this wider context. We’re keen to ensure that the new investment manifests into some truly exciting developments.”
For golfer wishing to join visit the PlayMoreGolf website https://www.playmore.golf/
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