OTPP commits funding to Singapore mobile platform Garena

The size of the investment was not disclosed but the Financial Times reported that the funding round values the company at $2.5 billion.

Founded in 2009, Garena's primary markets are Southeast Asia, Taiwan and Hong Kong. The company claims to have amassed 17 million active users of its social platform Garena+ on PCs and 11 million on mobile devices.

On its launch in 2010, Garena+ offered gaming and chat functions. It has since added other extensions, including the voice and video chat service TalkTalk and the mobile social network BeeTalk. Its most recent product is AirPay, an online payment network for Garena+ users.

According to a release announcing the OTPP investment, Garena's revenues for the past five years total more than $200 million. Last year the World Startup Report estimated the value of Garena at $1 billion, and ranked it as Singapore's biggest internet firm.

AVCJ Research records show that the company received funding from GIC Private and Tovio Annus in 2008.

OTPP has been investing in Asia since 1991, and opened an office in Hong Kong in 2013. According to its website, at the end of 2013 the pension fund's regional holdings totaled more than C$11.6 billion ($9.2 billion).

 

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• Topics
• Technology
• Investments
• Southeast Asia
• Early-stage
• OTPP
• Venture
• Technology
• TMT
• Singapore
• Southeast Asia