(Aug 14): A unit of state investment company Temasek Holdings has invested in Secretlab, a Singapore-based maker of chairs for players of electronic games, to help drive growth.
Heliconia Capital Management’s purchase of a minority stake values the five-year-old company at between $200 million and $300 million, according to a person with knowledge of the matter.
“Secretlab is now a recognised global brand” and has significant growth potential, Derek Lau, chief executive officer of Heliconia, said in a statement that didn’t list the value of the deal or other financial details. The Temasek unit has also backed companies including gaming device maker Razer Inc and Asian mixed martial arts firm One Championship.
Heliconia’s investment will assist the firm with research and development, procurement, attracting talent and global partnerships, Secretlab said in the same statement. The company is on track to cross $100 million in annual sales this year, according to the person.
Secretlab and Heliconia’s Lau didn’t immediately respond to an email seeking comment on the size of the investment and company sales.
The chair maker was started in 2014 by former professional gamers Ian Alexander Ang and Alaric Choo and is now present in more than 50 countries, it said in a statement. It has sold more than 200,000 chairs -- with the most expensive retailing for $999 -- and has been picked for international gaming tournaments like Riot Games Inc’s League of Legends.
“We want to make buying and using a chair a joy -- something like buying a new car,” according to Ang, 27.