Garena, a Singapore tech startup, has raised additional funding in an effort to fuel the company’s extensive expansion plans. The company announced on Monday that they raised funding from three new investors: Mistletoe, GDP Venture and SeaTown.
The startup is highly funded and is quickly growing.
The company was started in 2009 and boasted revenue of $300 million in 2015. The company also reports revenue growth of over 95% over the last five years. Garena takes a multi-prong approach to make money, and the company offers numerous products to boost their bottom line.
Garena reports that they’re the leader in eSports and digital content in Southeast Asia. The company also offers Shopee, a mobile marketplace solution, which is one of the fastest-growing ecommerce businesses in Asia.
The company also offers AirPay, a payment provider.
Shopee has quadrupled in size in the last six months, causing the company to need funding to fuel expansion. Over 1.4 million people have signed up to sell products on the marketplace. The company has over $1.3 billion in gross merchandise value sold annually.
AirPay posted $510 million in annualized gross transactions.
Investors are flocking to the company in an effort to fuel the company’s growth. The company raised $170 million in March when it was valued at $3.75 billion. The company was originally founded as a gaming company, but they’ve since added a marketplace, payment system and messaging app.
Southeast Asia is a prime area for Garena. The region is home to 600 million people, and the landscape is competitive. Numerous startups have opened their doors in the region in an effort to enter a market that is expected to be valued at $25 billion by 2020.
The company raised more than $500 million in funding as of the end of August, and is mulling over a potential IPO in the near future.