Funlab opened their second Illawarra venture to the public on Friday, not even a year after opening the popular Holey Moley mini-golf bar.

Group CEO Michael Schreiber said Wollongong ticked enough boxes for them to have confidence to open another venue - including the student population and general population growth in the area.

"As long as [our brands] are in areas and catchments with a lot people to frequent and support us they are as relevant in Wollongong as they are in Sydney or Melbourne," Mr Schreiber said.

"Fun is a universal experience or feeling that people want."

Although more than 80 new cafes and small bars having opened around the city in recent years, Destination Wollongong general manager Mark Sleigh said what lacked were new adult activities to keep people out for longer.

He said the introduction of the Breakout Bar in 2017 and then Holey Moley last year, really took the small bar concept to a new level.

"The growth of the Wollongong evening economy has without doubt driven interest from investors from outside of Wollongong," Mr Sleigh said.

"We have seen major brands such as Criniti's open up as part of the GPT development and Century Venues now looking at options to reactivate the Regent Theatre.

"A diverse range of evening entertainment venues and options will ensure that the evening economy continues to grow over the coming years, a fantastic thing for the community and visitors alike."

Funlab also own Strike bowling bars, Sky Zone trampoline parks and Archie Brothers Cirque Electriq. 

Mr Schreiber said the door was open for more of their ventures to pop up in the region.

"Families can come during the day while i the evening it turns on the night-time economy," Mr Schreiber said.

"Other retailers and bar operators that opening up around the area will really enhance Wollongong as both a daytime and nighttime place to visit."