Phoenix Labs left Sea/Garena in 2023 through an investor-backed management buyout, according to GamesBeat. The terms were not disclosed. Later reporting says Garena divested the studio and Forte Labs acquired it that year, so “independent of Sea” describes the reported 2023 outcome—not necessarily Phoenix Labs’ ownership today.
What happened in the 2023 spinout?
GamesBeat reported on February 2, 2023, that Phoenix Labs would become independent of Sea after an investor-backed management buyout. Its report did not identify the investors or disclose the purchase price, ownership split, or other transaction terms. It also did not name Forte Labs as the buyer.
Sea said it would continue to support Phoenix Labs’ team and work, but the available account does not provide a direct Phoenix Labs leadership statement explaining the buyout’s terms or rationale.
How did Phoenix Labs move from Garena to the spinout?
| Date | Event | What is established |
|---|---|---|
| 2014 | Phoenix Labs founded | Sea’s 2020 announcement said the studio was founded in Vancouver. Sea |
| 2019 | Dauntless launched | Sea described it as a cross-platform co-op action RPG. Sea |
| January 2020 | Garena acquired Phoenix Labs | Sea announced the acquisition on January 28 and said it had closed in recent days. Sea framed the relationship around supporting Dauntless and exploring global-market and mobile opportunities. Sea |
| February 2023 | Investor-backed management buyout | GamesBeat reported that Phoenix Labs would operate independently of Sea; terms were not disclosed. GamesBeat |
| 2023 | Forte Labs acquisition | Later reporting says Garena divested Phoenix Labs and Forte Labs acquired it that year. This is separate from GamesBeat’s initial spinout account. Game Developer |
The distinction matters: Sea’s announcement is the source for the 2020 acquisition, while the 2023 buyout was reported by GamesBeat. A later Game Developer account adds the Forte Labs acquisition to the chronology. These are two ownership events, not one continuous sale.
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Was the 2023 spinout worth $150 million?
No such value is established for the 2023 transaction. GamesBeat’s reported $150 million figure refers to what Garena paid for Phoenix Labs in 2020, not the later buyout. The same GamesBeat report said the 2023 terms were undisclosed.
Who owns Phoenix Labs now?
The reviewed sources do not establish Phoenix Labs’ current owner as of October 8, 2026. Game Developer’s reporting says Forte Labs acquired it in 2023, but the official Phoenix Labs homepage reviewed on that date did not state who owns the company. The site listed games, Vancouver and Montreal studios, careers, and support links; those listings alone do not verify current ownership, staffing, or whether a game is available to play. Phoenix Labs
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What happened to Phoenix Labs and Dauntless after the spinout?
Workforce reductions
In a statement quoted by GeekWire on January 27, 2025, Phoenix Labs said: “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.” That announcement establishes major workforce reductions, not by itself that the company shut down. GeekWire
Dauntless shutdown
Game Developer reported on February 24, 2025, that Dauntless was scheduled to be permanently taken offline on May 29, 2025. The report said the game would no longer receive updates or remain playable after that date. This is an important part of the studio’s post-spinout history, but it does not settle Phoenix Labs’ current operating status. Game Developer
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What the ownership history does—and does not—show
- Garena, Sea’s digital-entertainment arm, acquired Phoenix Labs in 2020, according to Sea’s announcement.
- GamesBeat described the 2023 separation as an investor-backed management buyout, but did not disclose its terms.
- Later reporting attributes Phoenix Labs’ 2023 acquisition by Forte Labs to Game Developer; that detail should not be mistaken for information in GamesBeat’s initial report.
- The 2025 layoffs and reported Dauntless shutdown do not prove the studio itself closed, and an online company website does not prove it remains operational.
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