SINGAPORE (March 31): Garena Interactive Holding, which describes itself as southeast Asia’s largest internet and mobile platform company, has announced a Series D funding round of US$170 million ($230 million) for an undisclosed stake.

This round is led by Khazanah Nasional Berhad, the strategic investment fund of the Malaysian government and the new capital raised is largely to help Garena expand its newer businesses.

“Khazanah’s experience in building leading businesses will help us strengthen our leadership position across our digital content, ecommerce, and payment platforms and advance our global mission of ‘connecting the dots’,” says company founder, chairman and group CEO Forrest Li. 

Khazanah joins earlier investors that include General Atlantic LLC, the Ontario Teachers’ Pension Plan, and Keytone Ventures. The latest round of funding brings Garena’s total amount raised to more than US$500 million.

In March last year, when the Ontario Teachers’ Pension Plan put in an undisclosed sum for an undisclosed stake, reports have quoted Garena’s valuation at some US$2.5 billion.

Besides its online gaming platform, Garena has expanded into other online businesses like Shoppee, an buy and sell mobile platform, and AirPay, a payments platform.

The company was founded in 2009 and it has achieved compound annual revenue growth of more than 90% over the past five years to over US$300 million of gross revenue in 2015.