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Brief: Garena now calls itself Sea, picks up $550m in new round

Nick Nash, Group President of Garena at Tech in Asia Tokyo Conference 2016

The news:

  • Singapore-based tech company Garena is changing its name to Sea.
  • This rebranding comes after the company raised US$550 million in a new round of funding.
  • Hillhouse, Cathay Financial, and Farallon led the round, Bloomberg reports.
  • Sea will use the majority of the new funds to expand Shopee in Indonesia.

Why it matters:

  • At a US$3.75 billion valuation, Garena has long been Southeast Asia’s most valuable startup. It’s not clear where its valuation sits after the latest round.
  • The company started off as an online gaming company, but now also generates revenue from digital content, social, payments, and ecommerce. Its shopping app Shopee is popular across Southeast Asia.
  • But recently, tech firms like Grab and Go-Jek have started catching up to Garena’s lead. Both started with on-demand rides and services and have diversified into digital payments and shopping. Go-Jek is said to have raised a US$1.2 billion round led by Tencent, at a valuation of around US$3 billion. Grab’s valuation is also said to be above US$3 billion since its latest round.

Source: Bloomberg

This post Brief: Garena now calls itself Sea, picks up $550m in new round appeared first on Tech in Asia.

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