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Kul Bhushan · · 1 min readGaming chair maker Secretlab to invest $37m in research and development
“Singapore gaming chair maker Secretlab is planning to invest S$50 million (US$37.2 million) in research and development (R&D) over the next few years and also expand its headcount by 50%,” Business Times reports, citing the firm’s co-founders.
Details:
- The fund allocation for R&D follows Secretlab’s S$10 million (US$7.4 million) investment in its 44,000-square-foot headquarters and R&D center in Singapore.
- The company is also looking to hire up to 100 people over the next year, with an aim to employ specialists across verticals like engineering and design.
Dive deeper:
- Secretlab has benefited from the rising demand for quality chairs as people transition to remote working as a result of the Covid-19 pandemic. It currently ships nearly 10,000 chairs a week to more than 60 countries.
- Earlier this year, the startup reported that its operating profit climbed by nearly 4x to an estimated US$52 million in the financial year ending February 2021. (Read: Secretlab could be Singapore’s next billion-dollar company)
Currency converted from SG dollar to US dollar: US$1 = S$1.34.
Editing by Collin Furtado and Jaclyn Tiu
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