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