Ron Shaich’s Act III invests another $50M in gaming concept Level99
The funding doubles Act III’s stake and will help Level99 open more of its sprawling food-and-game venues.
July 22, 2026
Ron Shaich’s Act III Holdings is doubling down on Level99.
The Panera Bread founder’s investment firm is pumping another $50 million into the food-and-gaming concept, doubling a $50 million follow-on investment last fall. Act III earlier took an initial $10 million stake in Level99 and has been its sole equity partner since it was founded.
The latest funding will help Level99 ramp up development of its sprawling venues, which feature life-size mini games and challenges as well as a cheffy food and drink menu.
The company currently has four locations, in Florida, Massachusetts, Rhode Island, and Virginia, with four more set to open by the end of next year. With the fresh investment, Level99 plans to open four new stores annually, starting next year, with the goal of becoming “a category-defining entertainment brand with a dominant national presence.”
Results at new locations, such as the recent opening in Disney Springs, Florida, have exceeded expectations, giving Level99 and Act III confidence that they’re onto something.
“Level99 represents one of the most exciting concepts I've encountered in my career, and we believe it’s incredibly well-positioned to transform the entertainment landscape,” Shaich said in a statement. “[Founder Matt DuPlessie] and his team have created a differentiated, endlessly re-playable experience that combines the engaging mechanics of video games in the real world with the social energy of a premium hospitality venue that has already established a passionate community of consumers.”
DuPlessie, an engineer by training, has spent his career developing immersive gaming and adventure venues. His first venture was 5 Wits, which he founded in 2003 and today has five locations. He opened the first Level99 in Natick, Massachusetts, in 2021.
Inspired by video games, Level99 features various interactive games, including Challenge Rooms with group games; head-to-head Duels; and Hunt Art scavenger hunts; all spread across 35,000 to 50,000 square feet. Visitors can track their results on a leaderboard, earn rewards, and unlock new content as they progress, with scores carried over from visit to visit.
Customers buy tickets for two or four hours of games, and can pause their time to eat and drink from a menu of Detroit-style pizza, burgers, beer, and cocktails. Food and games rotate twice a year, encouraging repeat visits.
So-called eatertainment concepts have proliferated in recent years, with brands springing up around golf, pickleball, darts, baseball, and more. They have faced some challenges of late. Bowling-themed chain Pinstripes, for instance, filed for bankruptcy last year, and segment leader Dave & Buster’s has struggled for years.
But Level99 believes it has created a new kind of eatertainment that is more immersive and social, with a serious focus on food.
“This additional investment commitment from Act III further validates our vision and demonstrates the strength of our business model as we work to create this new category of entertainment, with Level99 as the clear quality leader,” DuPlessie said in a statement. “With the Act III team's continued support and capital, we're positioned to sign the best real estate in top markets and establish Level99 as the premier destination for real-world, social, active entertainment.”
About the Author
Joe Guszkowski
Senior editor, Restaurant Business
Joe Guszkowski is a senior editor with Restaurant Business covering technology and casual-dining chains.
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