Garena Interactive Holding Limited, a Singapore-based internet and mobile platform company, closed a US$170m Series D funding round.
The round was led by Khazanah Nasional Berhad, the strategic investment fund of the Government of Malaysia, which is joining existing investors General Atlantic LLC, the Ontario Teachers’ Pension Plan, and Keytone Ventures.
Founded in 2009 by Chairman and CEO Forrest Li, Garena is the market leader in three major internet categories: digital content, marketplace ecommerce, and electronic payments in Greater Southeast Asia.
The company currently has almost 4,600 employees today across the region. Its digital content platform brings interactive and language localized content to over 45 million users. The eCommerce business, Shopee, is an online marketplace with a user-friendly app for 650,000 small and medium enterprises (SMEs) to sell products online in their local languages and using local logistics.
The payments business, AirPay, allows individuals to use cash to pay for online transactions.
The company has achieved compound annual revenue growth of more than 90% over the past five years to over USD 300m of gross revenue in 2015.
In total, Garena has raised over US$500m from investors.