Private lending syndication platform CrowdOut Capital announced on Wednesday its continued support to Punch Bowl Social as the restaurant group works to navigate through the difficult times during the COVID-19 outbreak. According to CrowdOut, Punch Bowl Social is claimed to be 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.”
Punch Bowl Social was reportedly forced to close its locations as federal, state and local authorities advised communities to follow social distancing and shelter-in-place guidelines. Speaking about the group’s need for support, Robert Thompson, founder and CEO of Punch Bowl Social, stated:
“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.”
Alexander Schoenbaum, Chief Executive Officer of CrowdOut, added:
“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.
Founded in 2015, CrowdOut claims it offers middle market and lower middle market companies ($10MM+ revenue) a better way to raise debt. The company noted it partners with credit funds to underwrite and fund loans, while also offering accredited investors the opportunity to earn 8-12% yields with investments as little as $1,000.