Garena, one of Southeast Asia’s biggest tech startups, has picked up $550 million in new funding and changed its name. The Singapore-headquartered consumer Internet company told Bloomberg that it is now called Sea Ltd. to reflect is global expansion plans (and also because SEA is an acronym for Southeast Asia). Its new valuation was undisclosed.
Sea’s funding and rebranding comes as it is reportedly preparing for an IPO that may raise $1 billion.
The company’s last funding was an undisclosed amount raised in September. Prior to that, it raised $170 million at a valuation of $3.75 billion in March 2016, which was enough to make it Southeast Asia’s most valuable tech startup.
The company said it will use its new capital to expand Shopee, its consumer-to-consumer marketplace, in Indonesia. As one of…