EMERGING and Promethean Debut $300M Experience Fund

EMERGING and Promethean Investments launched The Experience Fund (XPR) on August 14, 2026, with a $300 million vehicle and a $500 million hard cap. Co-led by Mathew Focht and Michael Burt, the 50/50 joint venture targets the 'intelligence layer' of hospitality and experiential entertainment, including order automation, computer vision, and labor intelligence. For startups, the fund offers an immediate route to market via EMERGING Partner John Davie, CEO of Buyers Edge Platform, which connects portfolio companies to more than 324,000 operator locations, representing nearly one in three U.S. restaurants.

XPR operates across three tiers: access checks of $1 million to $5 million for 5% to 15% stakes, core growth checks of $10 million to $25 million, and consolidation positions of $25 million to $75 million. The fund features a $10 million-plus GP commitment, a 2% management fee, an 8% preferred return, and 20% carried interest, targeting a 3.5-times net multiple and a net IRR over 25%. Promethean’s track record includes a first fund with a 41% gross IRR, a second returning over 120% of capital, and $270 million deployed since 2018.

First-close investments include State of Play, valued at $35 million against $72 million in trailing revenue and $17 million in venue EBITDA, with 25% margins and a New York Flatiron site opening in June 2026. TAiV operates in 4,053 locations with a 77% gross margin and a $5 million option for a late-2026 Series B. XPR also inherits Fund I options, including Botrista, marked up 1.7 times on a $480 million valuation with over $40 million in ARR, and F1 Arcade at 3.2 times. Other pipeline and portfolio names include GETT, BigHoops, Mirra, BatBox, Flight Club US, Poolhouse, BrewBird, and Serve.

For developers and operators, this dedicated vehicle bridges a critical gap. The U.S. restaurant sector employs 15.7 million people but suffers from 35% to 40% staff turnover and thin, single-digit margins. By funding back-end automation rather than flashy consumer apps, XPR helps practitioners deploy practical AI that reduces labor friction and operational guesswork across highly fragmented physical locations.