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Phoenix Labs left Sea/Garena in 2023 through an investor-backed management buyout, according to GamesBeat. The deal was described as making the studio independent of Sea, but its terms were not disclosed. Later reporting says Garena divested Phoenix Labs and Forte Labs acquired it in 2023—so the spinout did not establish that Phoenix Labs remained independent of every later owner.
How Phoenix Labs went from independent studio to Garena subsidiary
Phoenix Labs was founded in Vancouver in 2014. Its best-known game, Dauntless, launched in 2019 as a cross-platform cooperative action RPG. Sea Limited announced on January 28, 2020, that its digital-entertainment arm Garena had acquired Phoenix Labs; the transaction had closed in the preceding days. Sea said the companies would work to grow Dauntless and explore opportunities in global markets and on mobile. Those were stated plans, not evidence that every goal was achieved. Sea’s acquisition announcement
What the 2023 spinout was—and what was disclosed
On February 2, 2023, GamesBeat reported that Phoenix Labs would separate from Sea through an investor-backed management buyout and operate independently of Sea. GamesBeat said the deal terms were not disclosed. Its account did not identify the investors, specify ownership shares, or explain the transaction mechanics, so those details should not be inferred. GamesBeat’s report on the spinout
The $150 million figure sometimes associated with Phoenix Labs is not the price of the 2023 buyout. GamesBeat attached that amount to Garena’s 2020 acquisition. The two events were separate:
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| Date | Event | What the cited reporting establishes |
|---|---|---|
| January 2020 | Garena acquired Phoenix Labs | Sea announced the acquisition; GamesBeat later reported a $150 million price for this 2020 deal. |
| February 2023 | Phoenix Labs spun out from Sea | GamesBeat described an investor-backed management buyout and said its terms were undisclosed. |
| 2023 | Forte Labs acquired Phoenix Labs | Game Developer later reported that Garena divested the studio and Forte acquired it; this is distinct from the initial spinout account. |
Game Developer’s later account of the Forte acquisition supplies the additional ownership context. It should not be folded into GamesBeat’s original report as though that report named Forte or disclosed the buyout’s terms.
Why did Phoenix Labs leave Sea/Garena?
The cited 2023 coverage establishes the form and reported outcome of the separation, but not a definitive reason for it. Sea, quoted by GamesBeat, said: “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.” That statement describes Sea’s position; it does not explain the transaction’s rationale. No direct, on-the-record Phoenix Labs leadership explanation of the buyout terms or reason is established in the cited coverage.
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Who owns Phoenix Labs now?
Game Developer reported that Forte Labs acquired Phoenix Labs in 2023 after Garena divested it. That is the latest ownership event established here, but it does not settle the company’s ownership or operating condition as of October 8, 2026. Phoenix Labs’ official homepage was online on that date and listed games, Vancouver and Montreal studios, careers, and support links. A live website does not by itself verify current ownership, staffing, or whether a listed game is playable. Phoenix Labs’ official website
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to the studio and Dauntless after the spinout?
The spinout did not prevent later upheaval. In a January 2025 statement quoted by GeekWire, Phoenix Labs said it had decided to part ways with the majority of its studio: “We have made the tough decision to part ways with the majority of the studio as part of unfortunate but necessary changes to our operations.” GeekWire’s report on the workforce reductions
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Game Developer reported on February 24, 2025, that Dauntless was scheduled to be permanently taken offline on May 29, 2025, after which it would no longer receive updates or remain playable. That reported shutdown is an important part of the game’s post-spinout history, but it does not alone establish that Phoenix Labs itself shut down. The official site’s presence in October 2026 likewise does not prove that the studio is operating normally.
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The essential distinction
- Garena acquired Phoenix Labs in 2020, as Sea announced.
- GamesBeat reported that Phoenix Labs spun out from Sea in 2023 through an investor-backed management buyout; terms were not disclosed.
- Game Developer later reported a 2023 Forte Labs acquisition following Garena’s divestment.
- Reports of major staff reductions and the scheduled Dauntless shutdown concern the studio’s later trajectory, not the undisclosed mechanics of the 2023 buyout.
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