Victor Lee (centre front) and his Mwave team
Online video gaming, PC builder and tech hardware retailer Mwave has attracted investment from Anacacia Capital.
Mwave’s management team and Right Click Capital will both continue as investors alongside Anacacia, with the management team continuing in their executive roles.
The addition of Anacacia will open up Mwave’s access to a broader investor base and board to support its growth plans.
Although the amount of investment going into Mwave from Anacacia hasn’t been revealed, Anacacia indicated it was stemming from its $300 million Private Equity III LP fund.
“The Anacacia team demonstrated a clear willingness to understand the unique characteristics of our business model and our industry. We are excited about this next chapter with Anacacia, and I believe Mwave will continue to go from strength to strength,” Mwave founder Victor Lee said.
Mwave was founded in 2006 by Lee, supplying computer hardware to video gamers, eSports and PC enthusiasts. It also throws its support behind the SME business segment.
Additionally, retail non-executive director, Gary Levin is also co-investing in the business and will be joining Mwave’s board as its chair.
Levin has accrued more than 30 years in management, executive and non-executive experience, across both private and public companies such as JB Hi-Fi, Catch.com.au, Cheap as Chips Discount Variety Stores and Baby Bunting.
“Mwave has a proven track record in the enthusiast gaming and computer industry. I see a huge opportunity for them to leverage their unique market position to grow their product range and market share on the back of a solid foundation in the fast-growing home entertainment sector, particularly in the online market,” he said.
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During the past three years, Mwave has more than doubled in size through close relationships with hardware brands and achieved annual sales of more than $150 million, the company claimed.
“The management team and Right Click Capital have done a great job building the business over the last few years and establishing Mwave as a leading brand in their segment. We look forward to working with them as non-executives to continue supporting their customers,” Anacacia managing director Jeremy Samuel said.
