Date
28 May 2017
Garena founder Forrest Li is seeking to expand the company's business further in Southeast Asia, Photo: Bloomberg
Garena founder Forrest Li is seeking to expand the company's business further in Southeast Asia, Photo: Bloomberg

Singapore tech startup Garena raises fresh funds

Garena Interactive, a Singapore-based online entertainment and e-commerce startup, has raised more funds from some high-profile investors as the company seeks to expand in Southeast Asia.

Among the entities involved in the latest funding round are SeaTown Holdings, a unit of Singapore state investment firm Temasek, and Indonesian investment fund Global Digital Prima, the Wall Street Journal reports.

Japan’s Mistletoe Inc., which is controlled by Taizo Son, a brother of SoftBank Group founder Masayoshi Son, also contributed some funds, according to the report. 

The amount of the cash injection, and the valuation at which Garena raised the funds, is not known.

Garena had earlier in March raised some US$170 million in fresh capital in a fundraising round led by Malaysian state investment arm Khazanah Nasional.

At that time, Garena was valued at about US$3.75 billion, the Journal cited a source as saying.

Forrest Li, a China-born Singaporean, founded Garena in 2009 as an online gaming company.

The firm has now become Southeast Asia’s largest Web and mobile platform, adding services like a messaging app, a payment system and a marketplace shopping app, the Journal noted.

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RC

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