Ron Shaich Bets $100M on Entertainment Venue Level99

Ron Shaich, the founder of Panera and chairman of Cava, is significantly increasing his investment in Level99, an interactive challenge-based entertainment venue. Act III Holdings, Shaich's investment vehicle, is adding $50 million to its existing $50 million commitment, bringing its total stake to $100 million. This expanded investment follows the successful June opening of Level99's fifth location at Disney Springs in Lake Buena Vista, Florida, which has reportedly "exceeding our projections, doing really well" according to Level99 founder and CEO Matt DuPlessie.

Shaich has been Level99's sole equity partner since the concept's early development stages. He expressed strong confidence in the venture, stating, "I believe that Level99 has the potential to be the best business I’ve ever been involved in." The increased funding is intended to provide Matt DuPlessie with "every ounce of resources he needs to build the organization and the capabilities ahead of the curve." Shaich indicated a strategy of rapid expansion, aiming to open new locations at a rate of "one a quarter."

This strategic move into the entertainment sector mirrors Shaich's previous successes in the restaurant industry. He built Panera into a chain of over 2,500 units and, as chairman and lead investor at Cava, spearheaded the investment that transformed Zoe’s Kitchen into the Mediterranean fast-casual chain, eventually taking it public. Shaich applies a consistent playbook to evaluate categories before committing capital, a method he previously used for Mediterranean fast-casual dining.