AUSTIN, Texas--(BUSINESS WIRE)--CrowdOut Capital LLC, a pioneering non-bank lender for middle-market companies, today announced its continued support to Punch Bowl Social. CrowdOut is working closely with Punch Bowl’s management team to navigate through these unique and trying times.
“For the past two years, CrowdOut has been a loyal partner to Punch Bowl Social as we grew to 20 units in 17 markets across the country,” said Robert Thompson, founder and CEO of Punch Bowl Social. “None of us could have prepared for COVID-19, which has had, and will continue to have, massive economic and public health impacts across the world. The restaurant industry has been one of the hardest hit and we were not immune. We have temporarily closed our locations and significantly reduced both our staff and operations in order to re-emerge on the other side of this global pandemic. In these turbulent times, we appreciate CrowdOut’s support and are grateful for our strong and beneficial partnership, now and in the future.”
“Restaurants across the country are experiencing duress that has never been seen in the industry,” said Alexander Schoenbaum, Chief Executive Officer of CrowdOut. “Robert and his team have built an incredible brand we believe in, and we are confident in Punch Bowl Social and its team to work through these difficult and unprecedented days. We look forward to seeing Punch Bowl reopen its doors to the public as soon as it is safe and practicable.”
Punch Bowl Social was forced to close its locations as federal, state and local authorities advised communities to follow social distancing and shelter-in-place guidelines. The Company’s lead equity investor reported its decision not to invest further resources or otherwise provide additional capital to Punch Bowl as a result of the uncertainties surrounding the pandemic.
About Punch Bowl Social
Punch Bowl Social is the first experiential food and beverage brand to bring a made-from-scratch menu and craft beverages together with social gaming in one design-forward environment. Punch Bowl Social was named as one of Fast Company’s 2019 Top 50 Most Innovative Companies in the World, a Nation’s Restaurant News Hot Concept in 2018, among more than a dozen other national and regional awards. Punch Bowl Social serves weekend brunch, lunch, dinner and late-night snacks alongside a variety of creative punches, local microbrews and craft non-alcoholic beverages.
For more information visit www.punchbowlsocial.com or follow @punchbowlsocial on LinkedIn, Instagram and Twitter.
About CrowdOut Capital
CrowdOut Capital is a private-lending syndication platform that offers profitable, middle-market companies a better way to raise capital. Its tech-enabled marketplace provides a solution for companies seeking non-bank lending while offering family offices, institutional and accredited investors the opportunity to invest in private debt on a deal-by-deal basis. CrowdOut has led more than $250 million in loan originations since inception.
To learn more, please visit www.crowdout.com or follow @crowdoutcapital on LinkedIn, Instagram and Twitter.