Icon1c raises $10 million from its members in a shift towards the experience economy

In an era where luxury is increasingly defined by memories rather than one’s possessions, Icon1c, Singapore-based investment and operating platform, announced that it has raised $10 million to accelerate its ambitions of building a global “premium experience” ecosystem.

The last round of funding by the luxury lifestyle group was notable not for its size, but for its source. Eschewing traditional institutional capital, Icon1c, which runs private members club Mandala Club and F1 after-party brand, Amber Lounge, drew the investment entirely from its stakeholders and members.

About 20 long-standing clients have joined as partners at Icon1c, a move the company says reflects a “deep alignment” between the platform and the affluent circles it serves.

Patrick Grove, the group’s co-founder and executive chairman, says: “We didn’t raise capital out of necessity. We raised it because we wanted collaborators. Our members understand our brands, our standards, and our long-term vision”.

Building a portfolio of high-octane hospitality

Founded in early 2025, Icon1c has swiftly consolidated brands that cater to the ultra-high-net-worth demographic in the hospitality and events space. It has also recently acquired the brand of members’ club 1880, which abruptly shuttered under its previous ownership last June.

The company’s strategy leans into what Grove describes as a “structural, multi-decade shift” in consumer behavior, where connection and community are prioritised over physical goods.

“Luxury has evolved from what you own to what you experience—and who you experience it with,” adds Ben Jones, co-founder of Icon1c and founder of Mandala Group.

Growing its footprint

The new capital is earmarked for a disciplined expansion. Icon1c plans to complete five to six additional acquisitions over the next two years, focusing on profitable, cash-generative businesses across live events, wellness, and experiential lifestyle assets. The roadmap leads toward a potential initial public offering on a global stock exchange in the medium term.

The ambition is backed by Grove’s significant track record in the public markets; a serial technology entrepreneur, the co-founder of Malaysian internet company, Catcha Group, has previously taken seven companies public, including iProperty and Catcha Digital Berhad.

Currently, Icon1c operates in Monaco, Singapore, and Abu Dhabi. Its physical footprint is growing; in Singapore, the Mandala Club is set to open the Mandala Racquet Club in Sentosa in March —a 25,000-sq ft destination intended to serve as a new cornerstone for its community. It houses padel courts, court-side F&B concepts, an outdoor pool and wellness facilities like a thermal sauna and ice plunge.

Mandala Club, which currently resides in a heritage building on Bukit Pasoh Road, also launched its 9,000 sq-ft extension in an adjacent building last September. The wing has event spaces and new concepts that are slated to open later this year. 

Over the past year, Mandala club has also organised events such as global affairs and thought leadership sessions with UK’s Princess Beatrice and longevity expert David Sinclair. Entertainment milestones include organising a private album listening party with pop star Kylie Minogue and hosting exclusive performances by Ne-Yo and Jay Sean.

As Icon1c looks to expand in new geographies, its leaders maintain that the goal is to scale efficiency and in terms of meaning and community. By partnering with founders of established experience businesses, Icon1c aims to provide a long-term home and access to a broader global ecosystem while preserving their brand identity and culture.