Temasek, Tencent back online video game Roblox’s $150m Series G

Photo by Alex Haney on unsplash

Singapore state investor Temasek and Chinese internet giant Tencent Holdings have backed the $150-million Series G funding round in Roblox, the massively multiplayer online video game played by more than 115 million people.

Aside from the Series G funding round, which was anchored by US-based venture capital firm Andreessen Horowitz and participated by existing investors Altos Ventures, Meritech Capital, and Tiger Global Management., Roblox said it will open a tender offer for up to $350 million of common and preferred shares.

The latest funding round will be funnelled into technology and infrastructure development as the gaming platform posts significant growth, having recently reached 115 million monthly active users and more than 1.5 billion hours of monthly engagement.

A Wall Street Journal report values the company at $4 billion, up from $2.5 billion in September 2018.

“Looking ahead, we’re doubling down on our commitment to building the most advanced tools and technology to take our creators and players into the metaverse of the future,” said Roblox co-founder and CEO David Baszucki.

Tencent’s investment in Roblox comes as the gaming platform seeks to add support for Chinese languages and run coder camps in China. The two companies signed a strategic partnership last year.

Gaming in China has long been a Tencent fortress, operating three of the world’s most popular multiplayer mobile titles in PUBG Mobile, Call of Duty: Mobile and Honour of Kings.

Andreessen Horowitz, the lead investor in the funding round, has invested in early technology giants, including Facebook Inc. According to reports, the firm is investing in Roblox through its $2.2-billion late-stage fund launched in May 2019.

Roblox, founded in 2006 and is headquartered in San Mateo, California, says its community is made up of over two million creators that design their own games played by other users. The gaming platform’s user-created games and virtual worlds include a wide variety of genres, from traditional racing and role-playing games to simulations and obstacle courses.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.