EV Hive raises US$20 mil in Series A funding
By Digital News Asia June 5, 2018
- Plans to accelerate its plans for new business verticals, regional roll out
- Launching two new co-working hubs at Menara Mandiri and Menara Prima in Jakarta
INDONESIA’s largest co-working and community operator EV Hive announces a US$20 million (RM79.53 million) Series A investment led by Softbank Ventures Korea, H&CK Partners and Tigris Investment.
New investors including Naver, LINE Ventures, and STIC Investments as well as existing investors East Ventures, SMDV, Sinar Mas Land, Insignia Venture Partners, Intudo Ventures and private tech-focused angel investor Michael Widjaja and Chris Angkasa also participated in the funding round.
“We are delighted to welcome our new investors to participate in the exciting growth of EV Hive in Indonesia and Southeast Asia (SEA). We are expanding rapidly across Indonesia, launching two new co-working hubs at Menara Mandiri and Menara Prima in Jakarta, and rolling out new business verticals under our new brands,” said EV Hive chief executive officer and co-founder Carlson Lau.
Drawing on the experience and technological expertise of the investor network, EV Hive plans to accelerate its plans for regional rollout of smart co-working spaces.
“We are extremely grateful to our existing shareholders for their support and will continue to be obsessively focused on providing new services for our community.”
Besides opening collaborative workspaces, EV Hive also offers a broad suite of supporting services and a strong community network to support its members in starting and growing their business.
Founded in 2015, EV Hive currently manages over 30,000 square meters of workspace in 21 locations in Jakarta and Medan, Indonesia (up from two in May 2017), with eight additional locations under construction.
As of May 2018, EV Hive has over 3,000 active members. EV Hive was started by early-stage venture capital firm East Ventures to support its portfolio companies. It was spun off independently in May 2017 due to the company’s rapid growth and strong potential.
Softbank Ventures Korea partner and managing director Sean Lee said that after a series of evaluations into various co-working opportunities across the Asia, the company threw its support behind the EV Hive team for its powerful combination of vision and execution focus.
“Co-working will become the mainstream platform through which the modern workforce is organised, and I am confident that EV Hive will be the leading regional player in this exciting new industry,” said Lee.
Meanwhile, Sinar Mas Land chief executive officer Michael Widjaja said that the existing partnership with EV Hive at Breeze BSD had successfully attracted the young generation of entrepreneurs and tech-startups to BSD City.
“We plan to build Indonesia’s Silicon Valley at BSD, and look forward to working closely with EV Hive to bring their community to our new digital park development,” said Michael.
H&CK Partners chief executive officer and founder Jeongjoon Hwang said that the EV Hive’s community comprises of many promising young founders who would follow the footsteps of Go-Jek and Traveloka to create SEA’s next unicorn startups.
“EV Hive is an incredible platform for us to forge collaboration opportunities between these entrepreneurs and our network of South Korean strategic partners, stimulating a wave of further investments from South Korea into Indonesia,” said Hwang.
East Ventures managing partner Willson Cuaca adds, “We are fortunate that a humble internal East Ventures (EV) project can go this far. Both early backer and the management team have done tremendous work to scale the product. We welcome our new partners and are confident that EV Hive would win the Indonesia market and beyond.”