Sea Limited (f.k.a. Garena Interactive Holding), a Singapore-based consumer Internet company, raised $550m in venture capital funding.
Investors in the round included:
– Cathay Financial Holding Co.;
– GDP Venture;
– Farallon Capital Management;
– Hillhouse Capital;
– JG Summit Holdings; and
– President International Development Corporation.
The company will invest the majority of the new capital in the growth of its e-commerce platform Shopee, with a focus on key markets such as Indonesia.
Led by Founder, Chairman, and CEO Forrest Li, Sea provides digital entertainment, e-commerce, and digital financial services platform focusing on Southeast Asia markets including Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore, which collectively had 585.5 million people and US$3.0 trillion of GDP in 2016.
The company’s main platforms are Garena, a digital entertainment platform which provides mobile and PC online games across Greater Southeast Asia (GSEA), Shopee, a mobile-centric eCommerce marketplace that connects buyers and sellers, and AirPay, a digital financial services platform.
In addition to the funding, Sea appointed three senior advisors:
– Former Singapore Foreign Minister George Yeo joined Sea as a senior non-business advisor in 2016.
– Former Indonesia Minister of Trade Mari Pangestu joined Sea as a senior advisor in 2017.
– Pandu Sjahrir joined Sea as the Chairman (President Commissioner) of its Indonesia operations in 2017.