Singapore-based games distributor Garena has formed a corporate venturing subsidiary known as Garena Venture that will invest an eight-figure amount of Singapore dollars (S$10 = US$8) each year on Asia-based internet or mobile businesses.
Founded in 2007, Garena operates Garena+, an online platform that enables users to play multiplayer games with each other.
Garena is currently present in Taiwan, Vietnam, Philippines, Russia, Thailand and Indonesia as well as its home country, and in 2012 China-based internet company Tencent reportedly acquired a stake.
The company has paid out significant sums for the publishing rights to high-profile games such as FIFA Online 3 and League of Legends but Garena Venture’s investments are likely to be based in more diverse areas, following the company’s funding of online grocery retailer RedMart and Wahbanana, a YouTube channel it started in 2012.
Garena is also currently advertsing for an investment manager that will oversee its corporate venturing activities.