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LEISURE & ENTERTAINMENT | Tim Charlton, Singapore
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Garena rebrands as Sea, eyes taking on Alibaba

It has secured $550m in funds.

According to a report from Bloomberg, Garena has rebranded as Sea Ltd. after Southeast Asia’s most valuable startup secured $550m in funds to step up a battle with Chinese e-commerce giant Alibaba and other players in Indonesia.

The eight-year-old startup backed by Tencent Holdings Ltd. landed a clutch of new investors in its latest funding round, including some of the region’s wealthiest families. They include GDP Venture, led by Martin Hartono, the son of Indonesia’s richest man, and JG Summit Holdings Inc., founded by Philippine billionaire John Gokongwei.

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