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Tencent funded additional US$150 million for Go-Jek

Tinuku ~ Tencent Holdings Ltd. plant another US$150 million in targeted funding to collect up to US$1 billion for Go-Jek. A source said Tencent invested US$100 million to US$150 million in the latest funding phase. The Shenzhen-based giant is making strategic policies based on the growth of mobile-based businesses in Southeast Asia.

Tinuku Tencent funded additional US$150 million for Go-Jek

Go-Jek has previously owned several investors including global private equity firms KKR & Co LP, Warburg Pincus LLC, and Sequoia Capital. Jakarta-based company is trying to raise more capital from old and new investors with a target fund of US$1 billion.

Go-Jek and Tencent spokesmen declined to comment on the company's fundraising plans. Investments by Tencenet indicate the strengthening of its presence in Southeast Asia which is expected to produce many high-value technology companies known as unicorns.

Tencent currently has a market capitalization of up to US$341 billion, having previously purchased shares of a gaming company based in Singapore Sea Ltd previously known as Garena. The startup is estimated worth US$3.75 billion after the March 2016 funding phase.

Alibaba Group Holding Ltd. last week said it will invest an extra US$1 billion in Southeast Asia online retailer Lazada Group. This investment raised Alibaba's ownership in Lazada to 83 percent. Inc. is also in talks with Tokopedia online market in Indonesia for possible investment.

The funding round of Go-Jek is scheduled to close in Q3 2017. This Indonesia's largest online transport company is expected to have exceeded US$2 billion valuation at the ongoing funding phase.


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