ICON1C, a luxury lifestyle group backed by Malaysia’s Catcha Group, has raised S$10 million ($8 million) in a Series A round from its stakeholders and members to fund acquisitions and global expansion.
Founded in early 2025, the group aims to build a portfolio of category-leading brands spanning live events, hospitality, private members’ clubs, wellness, and lifestyle assets, per a statement. Its foundation brands in Singapore include Amber Lounge and Mandala Club, and it recently acquired the brand of private members’ club 1880.
The capital was raised from members and stakeholders rather than institutional investors, reflecting what the company described as strong alignment between its brands and members. Its co-founder Patrick Grove said the decision was intentional, positioning investors as collaborators rather than purely financial backers.
ICON1C said proceeds from the funding will be used to pursue acquisitions of profitable experience-focused businesses, strengthen its central operating platform, and expand its brands into new global markets.
Grove, also the co-founder of Catcha and iCar Asia (now part of Malaysian unicorn Carsome), said that he is seeing a long-term shift in consumer preferences. “People are increasingly choosing connection, community, and real-world experiences over physical goods. ICON1C exists to own and compound the best of those experiences globally—profitably, and at scale.”
Co-founder Ben Jones, also the co-founder of Mandala Group, added that ICON1C seeks to partner founders and scale experience-led brands globally while preserving their identity and community focus.
ICON1C operates a platform model focused on profitability, selective acquisitions, and long-term capital compounding. The group expects to complete five-to-six acquisitions over the next 24 months as it builds scale ahead of a potential IPO on a global stock exchange in the medium term. Grove has previously taken multiple companies public, including iProperty, iCarAsia, Frontier Digital Ventures, and Catcha Digital.
The company’s portfolio includes Amber Lounge, a Formula 1-linked luxury hospitality and events brand; and Mandala Club, a Singapore-based private members’ club. Mandala Club recently extended its flagship premises and is set to open the Mandala Racquet Club in Sentosa in March 2026.
