Homegrown furniture brands ErgoTune and EverDesk+ announced today (January 26) that they have been acquired by consumer goods company Una Brands in a deal worth over eight figures, making it one of the largest acquisitions of Singapore-based direct-to-consumer brands.
A quick check of Una Brands’ website reveals that the brands were acquired for US$8.8 million, which is approximately S$11.83 million.
According to the startup, Una Brand’s acquisition will help them expand into new regional and international markets.
As part of its growth strategy for ErgoTune and EverDesk+, it plans to expand into new e-commerce platforms and launch the brands on Amazon in the first half of 2022.
Una Brands will also be furthering the business’ online-to-offline offering by opening a showroom in Sydney from April, where customers can experience both ErgoTune and EverDesk+ products.
This further push into the Australian market comes after the furniture brand’s initial launch contributed over 15 per cent of its overall revenue in the last quarter of 2021.
“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,” said Kiren Tanna, co-founder and CEO of Una Brands.
“We aspire to grow ErgoTune and EverDesk+ into the region’s best-selling ergonomic chairs and desks in the next three years.”
Bridging the gap for affordable ergonomic furniture
ErgoTune and EverDesk+ were founded by former schoolmates Lye Yi Hao, Joshua Chan and Tan Jun Kiat in 2017 shortly after they graduated.
Frustrated by the lack of affordable and high-quality ergonomic furniture in the market, the trio came together to start up these two brands.
Since inception, the business has seen strong growth. It achieved 150 per cent growth last year, tripling its revenue in excess of S$13 million.
Additionally, nearly 20,000 units of flagship products from the brands, including the ErgoTune Classic and the ErgoTune Supreme Chair, were sold in 2021 alone.
“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,” said Lye Yi Hao, co-founder of ErgoTune and EverDesk+.
“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.”
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Featured Image Credit: Una Brands