Companies · Other

Sea Ltd

COLUMBUS · Other

Diligence memoA one-page analyst read on Sea Ltd — recommendation, valuation, rhythm, risks.
$19.0M
Total raised · real
11
Rounds
1.3×
Latest step-up
Top 16%
Sector rank · raised
Seed
Latest stage · inferred · Wed Oct 08 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Sea Ltd looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.94× the median modeled value of Seed Other companies in 2025–2027 (513 peers) — value vs value, same stage and era.
Active
  • Last raise 9 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

Sea Ltd is one of 25008 Other companies tracked from COLUMBUS. By capital raised it ranks in the upper tier (ahead of 85% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 504
Reg D exemption
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$13M$25M$38M$50MPre-Seed · 2009-11-20 Raised $193K (real) Modeled valuation $4.4M (est)Pre-Seed2009Pre-Seed · 2010-11-22 Raised $192K (real) Modeled valuation $4.4M (est)Pre-Seed2010Pre-Seed · 2011-07-01 Raised $513K (real) Modeled valuation $12M (est)Pre-Seed2011Seed · 2018-07-01 Raised $1.4M (real) Modeled valuation $25M (est)Seed2018Seed · 2019-07-01 Raised $1.8M (real) Modeled valuation $33M (est)Seed2019Seed · 2020-11-05 Raised $2.1M (real) Modeled valuation $34M (est)Seed2020Seed · 2021-11-02 Raised $1.7M (real) Modeled valuation $19M (est)Seed2021Seed · 2022-11-14 Raised $1.7M (real) Modeled valuation $13M (est)Seed2022Seed · 2023-11-03 Raised $2.8M (real) Modeled valuation $15M (est)Seed2023Seed · 2024-11-01 Raised $2.9M (real) Modeled valuation $11M (est)Seed2024Seed · 2025-10-08 Raised $3.8M (real) Modeled valuation $10M (est)Seed2025Cumulative $19M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$193K · 2009
Pre-Seed extension$192K · 2010
Pre-Seed extension$513K · 2011
Seed$1.4M · 2018
Seed extension$1.8M · 2019
Seed extension$2.1M · 2020
Seed extension$1.7M · 2021
Seed extension$1.7M · 2022
Seed extension$2.8M · 2023
Seed extension$2.9M · 2024
Seed extension$3.8M · 2025

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$10.0M
Base estimate est.
$3.4M
Conservative case
$18.9M
Upside case
$19.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Pre-Seed · modeled $4.4M · 2009-11-202009Pre-Seed · modeled $4.4M · 2010-11-22Pre-Seed · modeled $11.9M · 2011-07-01Seed · modeled $25.5M · 2018-07-01Seed · modeled $33.5M · 2019-07-01Seed · modeled $34.1M · 2020-11-05Seed · modeled $18.7M · 2021-11-02Seed · modeled $13.1M · 2022-11-14Seed · modeled $15.1M · 2023-11-03Seed · modeled $10.7M · 2024-11-01Seed · modeled $10.0M · 2025-10-082025
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
40%
Survival probability
18% low · 62% high
1.45×/yr
Annual markup
1.90×/yr upside case
0.7 yr
Elapsed time used
0.7 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
19 mo
Avg between rounds
$1.2M/yr
Capital velocity
16.6 yr
On record since
2009
First round
11
Rounds on file
How it compares to the market

Benchmarked against 25008 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 9.3× above median
This company$19.0M
Sector median$2.0M
Latest round — vs other Seed rounds in sector (real $, this stage) 2.2× above median
This company$3.8M
Sector median$1.7M
Modeled value — vs sector median (estimate, all stages) 0.6× of median
This company$10.0M
Sector median$17.7M

Raised more than 85% of sector peers (real $). Modeled value above 38% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #53 of 513.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Council Senior BTR Investors, LLC · Seed Raised $4.0M · modeled $13.9M (est)Infineo Global, LP · Seed Raised $4.0M · modeled $13.9M (est)SRE Venture 724, LLC · Seed Raised $4.0M · modeled $13.8M (est)Bernadette De Lourdes Development Llc · Seed Raised $4.0M · modeled $13.8M (est)Keep Moving Inc. · Seed Raised $6.7M · modeled $13.8M (est)KAC Holding Co LLC · Seed Raised $4.0M · modeled $13.5M (est)Oakland Ballers Baseball Club, Inc. · Seed Raised $4.0M · modeled $13.2M (est)Good Lag GGC, LLC · Seed Raised $4.0M · modeled $13.0M (est)Standby Deposits Inc. · Seed Raised $7.3M · modeled $12.8M (est)DeweyLearn, Inc. · Seed Raised $3.8M · modeled $12.7M (est)Wilds Golf Group, Llc · Seed Raised $3.8M · modeled $12.7M (est)Simple Life GP, LLC · Seed Raised $3.7M · modeled $12.5M (est)Sea Ltd (this company) Raised $19.0M · modeled $10.0M (est)Sea Ltd
CompanyStageRaised · realValue · estvs peer med.
Council Senior BTR Investors, LLCSeed$4.0M$13.9M2.69×
Infineo Global, LPSeed$4.0M$13.9M2.69×
SRE Venture 724, LLCSeed$4.0M$13.8M2.68×
Bernadette De Lourdes Development LlcSeed$4.0M$13.8M2.67×
Keep Moving Inc.Seed$6.7M$13.8M2.67×
KAC Holding Co LLCSeed$4.0M$13.5M2.61×
Oakland Ballers Baseball Club, Inc.Seed$4.0M$13.2M2.56×
Good Lag GGC, LLCSeed$4.0M$13.0M2.52×
Standby Deposits Inc.Seed$7.3M$12.8M2.48×
DeweyLearn, Inc.Seed$3.8M$12.7M2.46×
Wilds Golf Group, LlcSeed$3.8M$12.7M2.45×
Simple Life GP, LLCSeed$3.7M$12.5M2.43×
Sea Ltd this companySeed$19.0M$10.0M1.94×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$193K2009-11-20$1.1M$4.4M85%
Pre-Seed$192K2010-11-22$1.1M$4.4M85%
Pre-Seed$513K2011-07-01$2.9M$11.9M85%
Seed$1.4M2018-07-01$6.9M$25.5M90%
Seed$1.8M2019-07-01$9.0M$33.5M90%
Seed$2.1M2020-11-05$10.4M$34.1M90%
Seed$1.7M2021-11-02$8.3M$18.7M90%
Seed$1.7M2022-11-14$8.5M$13.1M90%
Seed$2.8M2023-11-03$14.0M$15.1M90%
Seed$2.9M2024-11-01$14.4M$10.7M90%
Seed$3.8M2025-10-08$19.1M$10.0M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$193K2009-11-20
    • First recorded raise — entered as Pre-Seed.
    • 14 investors on this round.
  2. Pre-Seed$192K2010-11-22
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 16 investors on this round.
  3. Pre-Seed$513K2011-07-01
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 2.7× larger than the prior — scaling up.
  4. Seed$1.4M2018-07-01
    • Raised again after 84 mo — slower than the ~11 mo sector norm.
    • Round 2.7× larger than the prior — scaling up.
    • Switched to Rule 504 (was Rule 06).
  5. Seed$1.8M2019-07-01
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round 1.3× larger than the prior — scaling up.
  6. Seed$2.1M2020-11-05
    • Raised 16 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
  7. Seed$1.7M2021-11-02
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
  8. Seed$1.7M2022-11-14
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
  9. Seed$2.8M2023-11-03
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
  10. Seed$2.9M2024-11-01
    • Raised 12 mo later, in step with the ~11 mo sector norm.
    • Round roughly the size of the prior one.
  11. Seed$3.8M2025-10-08
    • Raised 11 mo later, in step with the ~11 mo sector norm.
    • Round 1.3× larger than the prior — scaling up.
Intelligence
2027 ~Q2
Modeled next raise · ~19mo cadence
$5.0M
Modeled next size est.range $3.8M$8.1M
1.3×
Last step-up
$1.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jason Baker1 other2018-07
Adam Bainbridge2018-07
Adam P. Bainbridge2021-11
Alfred L Cipriani2009-11
Alfred L Friedman2009-11
Ami Dwyer2018-07
Ami W. Dwyer2022-11
Brian M. Boggess2022-11
Christian Torrens2018-07
Christian W. Torrens2022-11
Douglas Morr2018-07
Douglas R. Morr2021-11
Gary Heydinger2018-07
Gary J. Heydinger2021-11
Gary L Heydinger2009-11
Glenn Baker2018-07
Glenn R Baker2009-11
Jane R Jensen2009-11
Jared B. Henthorn2022-11
Jared Henthorn2018-07
Jared R. Henthorn2023-11
Jason B. Baker2022-11
Jason R Baker2009-11
Joel Lilly2018-07
Registry & provenance

Sea Ltd is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1264806
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Commodities Online LLCOtherSeed$25.7M$10.0Msame sector · same stage
APJeT, Inc.OtherSeed$26.5M$10.1Msame sector · same stage
New Leaf Brands, Inc.OtherSeed$8.9M$9.6Msame sector · same stage
Falco Resources Ltd.OtherSeed$8.0M$9.8Msame sector · same stage
Quarterly Inc.OtherSeed$7.7M$10.4Msame sector · same stage
Summit Royalty Corp.OtherSeed$7.1M$9.5Msame sector · same stage
Raymond Thomas Holdings, Inc.OtherSeed$6.9M$10.0Msame sector · same stage
OSP Rita Management Aggregator LLCOtherSeries A$19.3M$10.4Msame sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
SEA Development Group, LLCOtherPre-Seed$2.8M86%
SEAREBRAL CorpOtherSeed$35.8M84%
SEA Electric Inc.OtherSeries C$475.6M83%
Maritime Resources Corp.OtherSeed$3.7M83%
Sea Bean Goods LLCOtherSeed$60.6M83%
Seaboard Assets Corp.OtherSeries A$24.6M82%
Seacoast Service Partners, LLCOtherSeries B$70.9M82%
Seablade Enterprises LLCOtherPre-Seed$22.2M82%
Frequently asked
How much funding has Sea Ltd raised?
Sea Ltd has raised approximately $19.0M in disclosed capital across 11 recorded financing rounds, aggregated from public filings.
What is Sea Ltd's estimated valuation?
Provath's modeled valuation for Sea Ltd is approximately $10.0M (modeled range $3.4M–$18.9M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Sea Ltd at?
Sea Ltd's latest modeled financing stage is Seed. Its most recent recorded round closed around Wed Oct 08.
What does Sea Ltd do and where is it based?
Sea Ltd operates in the Other sector, based in COLUMBUS.
Explore related

See where Sea Ltd sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Sea Ltd, claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.