E-commerce aggregator, Una Brands, announced on 26th January that it has acquired homegrown Singaporean ergonomic furniture brands, ErgoTune and EverDesk+, in a deal worth over eight-figures. The transaction marks one of the largest acquisitions of Singapore-based direct-to-consumer (DTC) brands.
EverDesk+ and ErgoTune were founded by former schoolmates, Joshua Chan, Lye Yi Hao and Tan Jun Kiat in 2017 shortly after they graduated. It was born out of their frustration at the lack of affordable and high-quality ergonomic furniture on the market. Since then, EverDesk+ and ErgoTune have become household names after growing exponentially against the backdrop of the work-from-home requirements during the pandemic, and the subsequent shift to hybrid working arrangements fuelling and sustaining demand for ergonomic furniture.
Flagship products from the brands include the ErgoTune Classic and the ErgoTune Supreme Chair, of which nearly 20,000 units were sold in 2021 alone with the chair branded the ‘number one rated ergonomic chair in Singapore’. Record-sales across other product lines helped the business to realise 150 percent growth in 2021 , tripling the business’ revenue to in excess of SGD 13 million (USD 9.6 million).
As the brands’ continue to ride on this success and further evolve their offerings, Una Brands has acquired them to aid their expansion into new regional and international markets, and to help achieve the goal of becoming leading global players in the quality ergonomic furniture market. When it comes to international markets, customer demand led the founders to launch into Australia as a priority market, with an initial launch into the country resulting in sales contribution to over 15 percent of the business’ overall revenue in Q4 2021 alone.
Further, Una Brands’ growth strategy will see the brands launch onto additional ecommerce platforms in the coming months, including Amazon in H1 2022, as well as further their online-to-offline (O2O) offering with a showroom in Sydney from April where customers can experience both ErgoTune and EverDesk+ products.
Together, the founders and Una Brands will work in partnership to lead the businesses through this period of growth and into their next evolution, with the brands benefiting from Una Brands’ global presence and expertise.
Una Brands’ offices span the Asia-Pacific region with a presence in Singapore, Australia, India, China, Indonesia, Malaysia, Taiwan, Korea, and Japan. Since its launch in early 2021, Una Brands has raised US$55million from leading venture capital firms including Alpha JWC Ventures, White Star Capital, 500 Startups, 468 Capital, Claret Capital Partners
Commenting on the acquisition of the brand, Lye Yi Hao, Co-Founders of ErgoTune and EverDesk+, said: “This transaction bears testament to the high product quality and growth of ErgoTune and EverDesk+. The brands’ success has already far exceeded our expectations, but when the opportunity to work with Una Brands came along, we realised that a partnership with them would only further the growth plans we have. We agreed unanimously that Una Brands was the best partner for our business, in terms of fit, genuinity and capability. With Una Brands’ financial backing and operational expertise, we are poised to grow our brands in various regional marketplaces and enter new markets at an accelerated timeline. Most importantly, Una Brands will accelerate our mission of helping people create a workspace where they feel great and can achieve great things. We are very excited to have Una Brands support the next phase of our expansion story.”
On the partnership, Kiren Tanna, Co-founder & CEO of Una Brands, said: “Together with the Founders, we are looking forward to capitalising on ErgoTune’s and EverDesk+’s strong momentum over recent years, and turbo-charging the brands’ growth with Una Brands’ in-house e-commerce expertise. We aspire to grow ErgoTune and EverDesk+ into the region’s best-selling ergonomic chairs and desks in the next 3 years.”