Private club and hotels owner Soho House has raised $100m (£78m) to help fund its expansion around the globe.
The London-based business, which was founded by Nick Jones, said the cash would help it nearly double its footprint to 50 venues within four years.
The investment came from US firms Raycliff Capital and Simon Property Group in exchange for a 5 per cent stake, valuing the company at close to £1.6 billion.
Good times: The London-based business was founded by Nick Jones (pictured with wife Kirsty Young)
Soho House also revealed its annual losses widened from £60m to £65m in 2018, due to investment in its ambitious growth plans.
Revenues rose by 20 per cent to £432.5m, boosted by rising food and drink sales and the addition of more than 20,000 members – taking the total to about 89,000 worldwide.
Jones said 2018 had been ‘an extremely busy year for Soho House as we continued to expand our global membership’.
The company runs private members clubs for those who work in the arts and the media, with a pass to all clubs – or houses – costing £1,700 per year. Jones said: ‘We are happy with it [the loss]. At the moment it is all about expanding and opening more houses.’