Listed electronics retailer Challenger Technologies has set up a wholly owned subsidiary Challenge Ventures (CVPL) to focus on investing in companies and businesses to complement Challenger’s existing business.

Incorporated with an initial paid-up capital of $1 million, CVPL can call on up to $20 million additional capital in the future if suitable investments can be identified.

“CVPL aims to invest in companies to operate within Challenger’s digital ecosystem by providing support for the group’s business operations, as well as other subsidiaries within the group,” the company said in a statement.

“Challenger’s recently set up wholly-owned eCommerce marketplace portal subsidiary, Andios, as well as its existing end-to-end integrated marketing solutions subsidiary, inCall System will be injected into CVPL.”

CEO Loo Leong Thye said Challenger is excited by the prospect of expanding and transforming its current IT retail business into “a digital lifestyle ecosystem” encompassing retail, online, logistics, services and mobile marketplace.

“We intend to look for suitable investments beyond bricks and mortar retail businesses in order to expand our physical retail footprint as the largest IT retail chain store operator in Singapore. Investing in digital platforms will help us achieve our vision of being a large online and offline player.”

Challenger Technologies was incorporated in 1984 and listed on the SGX in January 2004. It operates a chain of IT retail stores known as Challenger as well as lifestyle retail concepts such as audio specialty store Musica in Singapore. Challenger also owns end-to-end integrated marketing solutions provider, inCall System and LED signage and services provider, CBD eVision.