Axe Factor cuts out a lucrative niche, lands its first SBR National Business Award

The island’s sole urban axe-throwing facility overcame cautious public perceptions to become an increasingly popular recreational activity for individuals, groups and workplace teams.

Axe Factor Pte Ltd won in the Hospitality & Leisure category of Singapore Business Review’s National Business Awards, which honours exceptional homegrown businesses in Singapore.

As may be suggested by its name, Axe Factor operates the first and only indoor axe throwing range in Singapore. It may seem counterintuitive to set up this unique recreational facility in a country that ranks highest in Asia when it comes to personal safety, but the company reckoned the idea of throwing axes in a secure, controlled environment has actually been met with a lot of enthusiasm since the facility opened in August 2018.

Founders Derrick Loo and Samuel Tey said that axe throwing’s appeal cuts across many demographics – from competitive types that want a new kind of challenge, to curious casuals and teams looking for an exhilarating good time. “People in Singapore have never held an axe before. Much less throw it. Throwing an axe is not easy as well, and throwers who come in will therefore feel accomplished after hurling their frustrations at the target board.”

Axe throwers aim at a target similar to an archery or shooting range and earn points based on where their axes land. Professional and veteran axe throwers oversee the activity and teach the proper techniques to improve their accuracy. “Axe throwing is both exciting and fascinating. It lands under the category of extreme sport, but at the same time, pregnant ladies can give it a go,” Loo and Tey added, stressing that the Singapore Police Force granted the facility approval to operate in the island.

Aside from individuals and groups of friends, Axe Factor said one of the key groups driving demand are companies that are attracted to the idea of axe throwing as an engaging teambuilding activity. “We are receiving more corporate bookings than ever, which further solidifies how much the public trust us in terms of safety and unique fun,” the co-founders said. “The public is also slowly starting to see that axe throwing is not dangerous after all, from our track record or zero accident.”

Axe Factor has been featured by CNA lifestyle, The Straits Times, The Smart Local, Vulcanpost, Mothershipsg, Shout.sg, Night owl Cinematics, Power 98 and other media outfits. This extensive media attention coupled with strong word of mouth have driven up bookings, according to Loo and Tey, with weekdays currently reserved mostly by companies and a spike of company team bonding events seen from December 2018 to June 2019. The axe-throwing range was also used in the filming of the Chinese drama called “My One In A Million,” which is slated to air in July 2019 and expected to provide greater brand exposure.

“Our greatest achievements so far, is seeing the rise and growth of our business from our infant stage, all the way till right now, where we have close to a thousand followers on Instagram – and growing,” added Loo and Tey. “An up and coming milestone will be our tournament dubbed as Singapore’s first and only axe throwing competition.”

The National Business Awards, presented by Singapore Business Review, was held last 11 July 2019 at Conrad Centennial Singapore.

This year’s nominations were judged by a panel consisting of Henry Tan, Managing Director, NEXIA TS; Choo Eng Chuan, EY Asean Markets Leader and Partner, International and Corporate Tax Services, Ernst & Young Solutions LLP; Ng Jiak See, Executive Director, Head of Corporate Finance Advisory, Deloitte Singapore & Southeast Asia; and Toh Kim Teck, Assurance Partner, Foo Kon Tan LLP.

Check out the event photos during the awards night here.

If you would like to join the 2020 awards and be acclaimed for your company’s exceptional technology innovations, please email Eleonor Angeles at eleonor@charltonmediamail.com