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FunLab hits milestone of $100m in revenue

POSTED ON December 2, 2018 @ 11:27 am

The doors of Holey Moley, Australia’s first cocktail bar and mini-golf course opened in 2016 in Melbourne, and since then another 12 stores have opened across the country. The bars are the work of entertainment giant Funlab, the parent company of bowling business Strike Bowling and trampolining business Sky Zone.

Schreiber, FunLab’s chief executive officer, founded Strike in 2002 and scaled the business to over 15 locations across the country before venturing into the trampolining market in 2012. A few years later, Schreiber decided to establish Strike under the umbrella of FunLab, with the goal of evolving the company to have a number of entertainment brands both locally and abroad.

FunLab has just recently celebrated the milestone of hitting $100 million in revenue, coupled with a forecasted 45% growth in its EBITDA for the coming financial year. Speaking to SmartCompany, Schreiber doesn’t shy away from the company’s dogged focus on the millennial market.

“We’ve found what’s resonating with the millennial market is reinventing fun pastimes and making them a great social experience. That thread runs through all our concepts, focusing on that social interaction between 18- to 35-year-olds,” he says.

Along with Holey Moley, FunLab has also opened two new brands with a millennial bent: Archie Brothers Cirque Electriq, an all-in-one indoor boozy amusement park, and B. Lucky & Sons, an arcade and games bar in Melbourne.

With over 35 FunLab venues in Australia, the business is now looking further afield, setting up bars in both New Zealand and Singapore. The business is forecasting $130 million in revenue next year, with Schreiber saying experiences are looking like the future of entertainment retail.

Source: smartcompany

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