Tom’s Watch Bar is one to watch.
The “official bar of the Colorado Rockies,” which opened in McGregor Square last year across from Coors Field, got a “significant investment” this week from Denver Broncos Hall-of-Famer John Elway.
Elway will also become a member of the Denver-based sports bar chain’s board of advisors, as will David Robertson, CEO of FrontRange Capital Partners, who also made an investment in Tom’s. The terms of both deals were undisclosed, according to a statement from Tom’s.
Keith Srakocic, The Associated Press
Denver Broncos General Manager John Elway walks on the field during warm ups before an NFL football game against the Pittsburgh Steelers, Sunday, Sept. 19, 2020, in Pittsburgh. (Provided by: Keith Srakocic, The Associated Press)
“I am extremely pleased with the opportunity to invest directly into Tom’s Watch Bar – a well-developed early-stage concept with strong unit-level economics,” Elway said in a statement. “…Tom’s Watch Bar is bringing an entirely new sports entertainment concept to the bar and restaurant marketplace, filling an unmet need in the sports entertainment marketplace with virtually no true competitive concept in the landscape.”
Tom’s Watch Bar, which began as Tom’s Urban in Larimer Square in 2012, currently has six locations around the U.S., including Las Vegas, Los Angeles and Minneapolis, and another seven under construction. The McGregor Square location is two stories with 360-degree views and more than 150 TV screens. It was founded by Tom Ryan, who also started the Smashburger chain in 2007; Smashburger now has 245 locations in 34 states.
This is the third recent capital infusion to fuel the company’s growth. In September, Tom’s Watch Bar announced a $30 million investment from Sagard Credit Partners, which followed an injection of $24 million in founder’s equity.
Tom’s Watch Bar expects to grow sales to over $100 million after completing its seven units by the late second quarter of 2023, according to the release.
“We are extremely excited to have John Elway as an investor and board member,” said Ryan, co-founder of Tom’s Watch Bar, in a statement. “John brings a unique blend of knowledge and relationships in the sports industry. His proven leadership and business acumen, from the football field to the field of business, make him an integral partner in our continued success.”
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