Award-winning Singapore maker of gaming chairs valued at over S$200m after Temasek increase | Malay Mail

0
0
Award-winning Singapore maker of gaming chairs valued at over S$200m after Temasek boost | Malay Mail


Homegrown startup Secretlab’s gaming chairs have been very popular among gamers, who often sit for long periods during play time. — Picture from Secretlab via TODAY
Homegrown startup Secretlab’s gaming chairs have been very fashionable amongst avid gamers, who typically sit for lengthy durations throughout play time. — Image from Secretlab through TODAY

SINGAPORE, Aug 14 — Off the bat from successful the “finest gaming chair of 2019” gong, Singapore startup Secretlab has secured thousands and thousands in funds from a subsidiary of state funding agency Temasek Holdings, in a deal which values the chairmaker at greater than S$200 million (RM604 million).

Asserting the deal in a press launch yesterday, the five-year-old startup, which is performing strongly in the USA and Europe, mentioned that the “groundbreaking” partnership will enable it to faucet Temasek’s experience to take its enterprise to the subsequent degree.

Whereas Secretlab declined to reveal the precise quantity of the funding, TODAY understands that the Temasek subsidiary Heliconia Capital Administration has taken on a “minority stake” that places Secretlab’s total valuation at between S$200 million and S$300 million.

The money injection from Heliconia is the primary from an exterior investor in Secretlab. Heliconia, an entirely owned Temasek subsidiary, focusses on investing in growth-oriented firms.

With the increase, Ian Alexander Ang, co-founder and chief govt officer of the agency, advised TODAY: “We expect we are going to double the variety of customers by subsequent yr. We will probably be engaged on making our chairs accessible extra broadly.”

Ang, a 27-year-old former skilled gamer, based Secretlab with fellow Singaporean pro-gamer Alaric Choo, 31, in 2014. Their chairs — with gross sales of greater than 200,000 to this point — have since gained extensive fame in gaming circles.

Secretlab founders Alaric Choo (left) and Ian Alexander Ang believe they can double sales of their gaming chairs by 2020. — Picture from Secretlab via TODAY
Secretlab founders Alaric Choo (left) and Ian Alexander Ang consider they will double gross sales of their gaming chairs by 2020. — Image from Secretlab through TODAY

They’re used within the largest e-sports tournaments worldwide, such because the Worldwide Dota 2 Championship that holds the world’s largest e-sports prize pool of S$32 million.

Final month, United Kingdom-based journal PC Gamer named its S$499 Omega chair “one of the best gaming chair of 2019”, beating its competitor, Vertagear, on its consolation ranges over lengthy durations of gaming. Two weeks in the past, American web site Cnet additionally referred to as Secretlab’s S$549 Titan chair the “finest total” gaming chair it had come throughout this yr.

Whereas noting that the Singapore market represents lower than 5 per cent of the corporate’s gross sales, Ang mentioned: “We’ve an unbelievable, ever-improving product which we have to get on the market, and there’s a lot of potential in new markets.”

The agency wouldn’t disclose which markets Secretlab intends to focus on, saying it was confidential.

Commenting on the funding, Heliconia’s CEO Derek Lau mentioned: “The model has fuelled Secretlab’s speedy growth to over 50 international locations inside a brief time period. Even non-e-sports followers love their merchandise. We consider the corporate has vital progress potential.”

Noting that Secretlab’s achievement in rising to turn out to be a “recognised international model” in 5 years isn’t any imply feat, Lau mentioned: “We hope so as to add worth and journey with them going ahead.”

Heliconia additionally has gaming {hardware} producer Razer and mixed-martial-arts promoter One Championship among the many portfolio of firms it has backed. — TODAY



Supply hyperlink

This site uses Akismet to reduce spam. Learn how your comment data is processed.