Garena lands more funding

Garena, Southeast Asia’s most valuable tech startup, has closed additional funding from three new investors, reports Tech Crunch.

They include: SeaTown Holdings International, an affiliate of Singapore sovereign wealth fund Temasek, Indonesia’s GDP Venture and Mistletoe, a Japan-based fund.

The amount raised was not disclosed, and Singapore-headquartered Garena did not reveal a post-money valuation.

The company’s last valuation was $3.75 billion following a $170 million funding round in March from Khazanah Nasional Berhad, the Malaysian government’s strategic investment fund, and Chinese tech giant Tencent, a long-term, existing investor.

Garena is best known for the gaming business it started in 2009, which accounts for most of its revenue, but today it also operates a payment service, AirPay and social commerce app, Shopee.

While Garena didn’t elaborate a lot, it did reveal some notable figures for its two newest ventures.

Shopee has reached 1.4 million sellers and annualized GMV of $1.3 billion.

But Shopee’s GMV figure is being calculated using monthly figures rather than an entire year of sales, this means the figures may be somewhat distorted. The same applies to AirPay, which Garena said has an annualized gross transaction value exceeding $510 million, but again, this is an annualized figure.

Regardless, it highlights the fact that Garena is putting its significant weight into social commerce and payments.

The deal will see Taizo Son, the younger brother of SoftBank CEO, and SeaTown’s Archana Parekh join Garena’s advisory board.

A version of this appeared in Tech Crunch on September 5. Read the full version here

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