Following a US$550 million round of investment for its growth, Garena has rebranded into Sea. Founded in 2009 as Garena Interactive Holding Limited, Sea is now the company’s new brand at the corporate holding company level to reflect its leadership across multiple platforms.
Meanwhile, according to the company, the majority of the new capital will be invested in the growth of its e-commerce platform Shopee, with a focus on key markets such as Indonesia. Shopee has more than doubled in size in the past nine months and now has an annualised gross merchandise value exceeding US$3 billion, according to Sea.
“Garena is a brand that is beloved across our game ecosystem, our Shopee brand has become synonymous with e-commerce in our region, and AirPay is quickly becoming a leader in digital financial services,” said Sea’s founder, chairman and group CEO Forrest Li. Li said its now embracing an overall identity under one branding for its entire company.
According to the company’s website, its primary market focus will be on Greater Southeast Asia – a region that includes Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore.
“Our new name draws inspiration from the acronym for our region, symbolising our strong ‘home court advantage.’ In addition, the Sea connects every one of our markets, symbolising our corporate motto of ‘connecting the dots.’ Finally, Sea is a humble, authentic word that evokes the pioneering spirit of exploration – a wonderful symbol of our corporate values,” Li added.
Sea said investors in the round include Cathay Financial Holding, a leader in the insurance, securities, and banking industry in Taiwan; GDP Venture, a leading growth investor focused on the Indonesian consumer internet industry and an existing investor in Sea; Hillhouse Capital, a global firm of investment and operating professionals which manages over US$25 billion in assets on behalf of institutional clients; and President International Development Corporation, an investment arm of Uni-President Enterprises Corporation, which is one of the largest food conglomerates in Asia and also one of the largest retailers in Taiwan.