Temasek's Heliconia to invest millions in local gaming chair company Secretlab

This is the first outside investment for homegrown gaming chair brand Secretlab. PHOTO: SECRETLAB CHAIRS / INSTAGRAM

SINGAPORE - Home-grown gaming chair company Secretlab is the latest in a series of firms to attract the interest of Temasek subsidiary Heliconia Capital Management.

In a statement on Tuesday (Aug 13), Secretlab said the investment firm is its first external investor.

The Straits Times understands that the valuation of the partnership is between $200 million and $300 million, and the investment will see Heliconia take up a minority stake in Secretlab.

With the move, Secretlab joins a suite of firms that have received monies from the Temasek subsidiary.

Others include hardware gaming firm Razer, and Ascent Solutions, which specialises in Internet of Things.

Secretlab co-founder and chief executive Ian Alexander Ang told The Straits Times that the company is excited to partner Heliconia.

He said the gaming chair company will benefit from the investment firm's long-term strategic insights and extensive contacts.

The Heliconia-Secretlab partnership will also provide the "maturity and experience" to take Secretlab further, added Mr Ang.

The local company has a relatively young team, with an average age of around 28 years old for staff.

Secretlab co-founders Alaric Choo (left) and Ian Alexander Ang. PHOTO: SECRETLAB

Mr Ang and co-founder Alaric Choo put up the initial capital to start Secretlab in 2014 and the firm's gaming chairs are now available in the United States, Canada, Europe and Australia, among other countries.

Heliconia's CEO Derek Lau noted that Secretlab has expanded rapidly within a short period of time and has gained global recognition for its products among both gamers and non-gamers.

"We believe the company has significant growth potential," said Mr Lau.

"As a Singaporean, I am very proud of what Ian and Alaric have achieved so far. We hope to add value and journey with them going forward."

The local firm is considered one of the leading players in the global gaming chairs space, having sold more than 200,000 chairs worldwide and earned top reviews from tech review sites such as PCMag and CNET.

In 2018, the Secretlab co-founders were named on the Forbes 30 Under 30 Asia list.

The company's gaming chairs range from $429 for synthetic leather options to around $1,000 for full leather designs.

Secretlab's tie-up with Heliconia is the latest in a string of news surrounding the firm.

In April this year (2019), it announced an endorsement deal with English international footballer, Dele Alli, who plays for English Premier League club Tottenham Hotspur.

Earlier in January, the firm announced that it was named the official seat for the esports League of Legends (LOL) Championship Series in North America, as well as three premier LOL global events.

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