Garena changed name to Sea Ltd as new funding $550 million

Tinuku ~ The Garena startup changes its name to Sea Ltd as it gets Investment funding of US$550 million. Startup technology based in Singapore operates BeeTalk, Shopee and AirPay have changed the brand to Sea Ltd as soon as they have obtained a new phase investment of US$550 million.

Tinuku Garena changed name to Sea Ltd as new funding $550 million

The latest investment came from a number of investors, including Farallon Capital Management, Hillhouse Capital, Cathay Financial Holding Co. and food conglomerate Uni-President Enterprises Corp.

Previously, the startup founded by Forrest Li in 2009 has received financial support from Tencent Holdings from Indonesia, then GDP Ventures from Indonesia and JG Summit Holdings from the Philippines.

It is likely these new investments will be used by Sea to fund competitive efforts against Alibaba that is expanding into e-commerce business in Southeast Asia, especially Indonesia through Lazada.

Another e-commerce as a potential Sea competitor is which is very serious in doing business in Southeast Asia and most recently reported to be investing in Tokopedia as Indonesia's largest e-commerce.

Sea has operated number of major businesses including BeeTalk messaging app, Shopee e-commerce platform and AirPay digital payments service. They also provide social gaming platforms and big game publishers like Point Blank, also provide vouchers for in-game purchases.

Sea has not commented on the company's valuation receiving new funding. The last time they raised a fund of US$170 million which makes valuation to US$3.75 billion in 2016.

Sea has very good finances, an eight-year-old startup and has made net profit. They said it managed to increase 13-fold net income compared to 2011 to approximately US$270 million in 2015.