Activate Secures $37M Financing for US Expansion and Announces New CFO

Activate Games Inc. ("Activate"), the company known for pioneering the world’s first active gaming experience, has revealed ambitious plans for global expansion, backed by a $37 million debt financing agreement with RBC Royal Bank and Export Development Canada (EDC). The funding is set to accelerate Activate’s corporate expansion in the United States, with 40 new openings planned by the end of 2025.

Activate has been collaborating with international, national, and regional landlords to secure prime real estate locations for its growth. The company aims to launch both corporate and development partner sites across North America, targeting key markets in California, New York, Florida, Michigan, Ohio, Minnesota, and Colorado in the United States, as well as British Columbia, Quebec, and Saskatchewan in Canada. Additionally, Activate has its sights set on international expansions in the Middle East and UK, partnering with Majid Al Futtaim and We Do Play.

“Our vision for Activate has always been to take Activate well beyond the Canadian border, beginning with our US expansion with our development partner, Breakout Games in 2019. We are excited to now open our first corporate site in the US this summer, and over the next 18 months bring our adrenaline-pumping adventures to millions of fans in their communities, providing an unforgettable entertainment experience for players of all ages,” said Adam Schmidt, Founder and CEO of Activate.

In conjunction with the expansion, Activate announced the appointment of Dan Haroun, CPA, CA, as the new Global CFO. Haroun brings 15 years of executive experience in finance, real estate, strategy, and analytics across global consumer businesses, including Restaurant Brands International, Walmart Canada, and Freshii. “Dan has been working with us as an Executive Advisor over the past year, and we are excited to have him join us as our CFO. Dan’s background in both Corporate and Licensed / Franchised environments, along with his success in scaling large businesses and partnering with leadership teams focused on execution makes him a great fit for Activate,” Schmidt added.

Haroun expressed his enthusiasm for joining Activate, stating, “I am excited to be a part of the team at Activate. Activate’s platform is exactly what customers are looking for today. This business model is well positioned to scale, and I see incredible opportunities for Activate’s growth. I look forward to partnering with Adam and the team to bring Activate to communities around the world, creating value for our shareholders and our development partners.”

The $37 million debt financing from RBC and EDC will be utilized to meet the capital requirements for new corporate sites. “RBC and EDC understood our needs and structured these facilities to effectively enable our growth and expansion. We appreciate their partnership and are excited to be opening new locations this summer as a result,” said Haroun.

Guillermo Freire, EDC's Senior Vice-President, Mid-Market Group, commented, “EDC is pleased to support Activate Games as they expand their international footprint and bring Canadian innovation to the United States. Canadian medium-sized businesses like Activate Games are the engine of our national trade growth, and we stand ready to support them so they can thrive in global markets.”

Activate's unique blend of physical activity and gaming promotes a healthy lifestyle, offering interactive rooms where players can compete, earn stars, and track achievements. To learn more about Activate and join the active gaming movement, visit playactivate.com.

For more information, view the source version on newsdirect.com.