Indonesia's GoWork raises US$9.97mil in Series A funding
By Digital News Asia October 10, 2018
- Gobi Partners recognise potential in leading Indonesian premium coworking platform
- GoWork has attracted over 8,000 members and 600 companies to their workspaces
GOWORK, Indonesia’s leading premium coworking platform, today announced that it has closed a S$13.8 million Series A round of financing led by Gobi Partners and The Paradise Group, a retail-and-hospitality-focused property developer.
GoWork, which was formed from a merger earlier in the year between Rework and GoWork, is the fastest growing premium coworking platform in Indonesia. In two years, the company has grown to 16 hub locations located in Jakarta, Surabaya and Bali and over 30 bookable spoke locations in partnership with Ismaya Group covering over 25,000 sqm of total workspace.
Every location provides world-class workspaces with research-backed design, seamless operations, and a professional business community. The company also works closely with landlords and real estate operators to create prime coworking products to improve overall building occupancy levels and enhance commercial property values.
Kay-Mok Ku, Gobi Partner’s managing partner for Asean, said “Having invested in KR Space, a premium co-working startup in China, Gobi is now proud to be backing one in Southeast Asia; Gowork has the potential to be the go-to co-working space, because it has an exceptional, locally-led team that is revolutionizing office space and real estate in Indonesia."
Anthony Prabowo Susilo, chief operating officer The Paradise Group, which owns and operates several malls including Plaza Indonesia - Jakarta, beachwalk - Bali, and 23 Paskal - Bandung, said “The GoWork team’s attention to uncompromisingly high quality design, focus on superior locations and outstanding tenant experience impressed us. We are excited to fully support GoWork’s ambitious growth plans with our long-standing experience and networks in real estate.”
Widjaja Tannady, partner of Mahanusa Capital, a key investor in this round, said “We are truly excited to support GoWork’s ambition to launch world-class facilities that are created by Indonesians, for Indonesians.”
Since its inception, GoWork has attracted over 8,000 members and 600 companies to their workspaces which currently operate at close to 100% occupancy. GoWork has proven popular with businesses of any scale from local to global businesses and from a wide range of industries. Increasingly, businesses are choosing GoWork to outsource their office space management needs, attracted by the flexibility, affordability and ease of GoWork’s productivity focused workspaces.
Richard Lim, CFO and chief of real estate of GoWork, said “We have a 90% renewal rate for our members and have consistently achieved over 90% occupancy within three months of launching operations at all our locations. We are very bullish about the demand for our workspaces and will use the funding to triple our footprint by next year, targeting over 100,000 sqm in operation by early 2020. Ultimately, we want to be the single largest provider of quality workspaces in the whole of Indonesia, creating powerful business communities supported by our technology-enabled platform and proprietary mobile app which enables us to offer ever more valuable services to our members.”
Vanessa Hendriadi, CEO of GoWork, said “We are the only nationwide coworking platform to champion the “work and play” philosophy extensively through our prime mall locations in Jakarta (Pacific Place, Plaza Indonesia, Senayan City, fX Mall and more to come) and being the first to provide members with exclusive access to 30 Ismaya locations, where they can work and socialise. We also focus strongly on creating local ecosystems and communities for businesses through empowering our members to create value for one another. These interactions, which are supported through our community events, socially optimised spaces and integrated technology, create lasting value through learning, business deals and friendships across our member base. While our product is multi-faceted, ultimately what we deliver is a superior work platform that our members can benefit from in every sense.”