The Ontario Teachers’ Pension Plan led a new round of funding for Garena, Southeast Asia’s largest Internet and mobile platform company, which also included several existing shareholders.
The size of the funding wasn’t disclosed.
Garena’s revenues have grown over the past five years to more than US$200 million. Today, it has more than 17 million and 11 million monthly active users across its PC and mobile platforms, respectively.
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The company’s core market of Greater Southeast Asia, which includes Hong Kong and Taiwan, is home to more than 650 million people. A majority of the population are mobile phone users, and more 200 million are Internet users.
“Garena’s core market is set to be the world’s next major growth market for Internet and mobile, and within that ecosystem, Garena is the fastest growing company we have seen,” explains Michael Wissell, Teachers’ senior vice-president of public equities. “Garena also has an impressive management team that combines world-class experience with a truly international outlook.”
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