Garena raises $170 million series D round

The Singapore-based online company Garena has closed a $170 million series D round, led by a strategic investment fund set up by the Malaysian government.

Garena was founded in 2009, with an initial goal of becoming an online community for PC games. It launched the Garena+ network the following year, and while gaming remains an important aspect of its overall business - as evidenced by Garena Online's acquisition of Heroes of Newerth and its team in May 2015 - the company is now far broader than just video games.

It has now launched successful products in a variety of areas, like the the chat app TalkTalk, the social network BeeTalk, and the digital payment app AirPlay. According to a statement released by the company today - obtained by Tech In Asia - Garena earned $300 million in gross revenue last year, with a compound annual growth rate of 90 per cent over the last five years.

The $170 million series D round was led by Khazanah Nasional Berhad, the Malaysian government's strategic investment fund. Garena has now raised $500 million in its lifetime, with General Atlantic LLC, the Ontario Teachers' Pension Plan, and Keytone Ventures all onboard as investors.

According to an article from the Wall Street Journal, Garena is now valued at $3.75 billion.