Start-up firm Garena says Temasek unit Seatown among new investors

SINGAPORE (REUTERS) - Singaporean e-commerce start-up Garena Interactive Holding Ltd on Monday said its latest round of fund-raising has brought it investment from companies including a subsidiary of investment firm Temasek Holdings.

Garena said in a statement it had raised an undisclosed amount from Temasek's SeaTown Holdings as well as venture capital firms GDP Venture of Indonesia and Mistletoe of Japan.

The capital raising comes after Garena in March said it had received US$170 million (S$231 million) from investors led by Malaysian state investor Khazanah Nasional Bhd.

The three new investors join a global institutional investor base that includes General Atlantic and the Ontario Teachers' Pension Plan, Garena said.

It also said Seatown's portfolio manager, Ms Archana Parekh, and Mistletoe's chief executive, Mr Taizo Son, had joined its advisory board.

Founded in 2009, Garena has booked compound annual revenue growth of more than 95 per cent over the past five years to over US$300 million of gross revenue in 2015, the company said. Goldman Sachs acted as placement agent for Garena.

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