Phoenix Labs executes buyout from Garena
Dauntless maker Phoenix Labs is being spun out of Singapore’s Garena.
As reported by GamesBeat, the developer has investor backing for a management buyout from its parent company. Garena acquired Phoenix Labs for $150 million back in 2020 off of the success of 2019’s Dauntless and follows the firm investing in the studio previously.
“We have been steadfast supporters of Phoenix Labs since its earliest days and will continue to be strong advocates for their team and their work going forward,” wrote Singapore entertainment giant Sea, Garena’s parent company.
“We are confident that this is the right path forward to enable the team to maximize their long-term potential, and we wish the team every success for this next chapter.”
Within its first week of release, Dauntless brought in over six million players. This came off the back of an open beta that saw more than one million players check out the monster-hunting romp.