Friendly Fire Raises $4.7M to Fuel U.S. Expansion

Zagreb-based gaming cafe franchisor Friendly Fire closed a $4.7 million Series A round with Croatian venture firm AYMO Ventures, its first disclosed institutional investment. The company operates 22 company and franchise locations across six countries and has signed 31 franchise agreements representing a pipeline of 178 additional locations in 11 countries.

Franchisor Capital, Not Store Capital

The round funds Friendly Fire's technology platform and day-to-day operations rather than construction of new locations, which franchisees fund themselves at a cost of roughly $218,000 to $391,000 per site including a $49,500 franchise fee. That distinction matters for prospective operators: the capital buys the training, support and technology layer franchisees pay into, not the buildings they open in.

A Slow-Moving U.S. Pipeline

Friendly Fire is targeting Florida and Texas for its first U.S. locations and says it will only accept multi-unit operators stateside, with a first opening targeted for the fourth quarter of 2026. The company's largest committed deal, a 100-unit master franchise agreement covering the United Kingdom, Spain, Poland and Ukraine signed in May 2025, has yet to open a single location, a reminder that signed pipelines and open doors are different metrics.

Why It Matters for U.S. Franchise Buyers

Gaming cafes remain a niche category in U.S. franchising, and Friendly Fire's entry tests whether an operating model proven in Central Europe translates to American real estate costs and consumer habits. Multi-unit operators evaluating the brand should weigh the gap between signed agreements and open locations before committing capital.