Indonesia’s EV Hive raises US$3.5mil in Pre Series A funding
By Digital News Asia September 14, 2017
- Existing investors East Ventures, SMDV and Sinar Mas Land also participated
- Co-working space operator has seven locations and another nine under construction
EV HIVE announced the closing of US$3.5 million (RM14.68 million) in pre-Series A funding led by Insignia Venture Partners, with participation from Intudo Ventures, Pandu Sjahrir and a network of angel investors.
Existing investors East Ventures, SMDV and Sinar Mas Land also participated in the round.
EV Hive is Indonesia’s largest co-working space operator, with a network of seven locations and a pipeline of nine other locations under construction.
Drawing on its existing and new investors’ combined network and expertise, EV Hive shall further accelerate its growth plans to realise its vision of being a world class platform for entrepreneurs to start and grow their businesses.
EV Hive chief executive officer Carlson Lau says: “We are extremely grateful for our investors’ confidence in EV Hive’s people and platform. We are strong believers in the power of community networks and the role of technology as an enabler of open collaboration in today’s sharing economy. With the additional funding, we continue to adhere closely to our core mission of supporting our entrepreneurs’ journey with plans to build additional shared services in co-living, co-warehousing and other verticals that our community requires.”
EV Hive is Indonesia’s largest community platform for learning and growth acceleration for entrepreneurs.
The company offers all the products and services of a smart workplace to support today’s modern workforce: co-working passports to all EV Hive’s locations, business services, community networking sessions, training seminars and the EV Hive Connect platform where members can connect and cross sell services.
Since its founding in 2015, EV Hive’s network has grown tremendously, hosting over 187 events with over 17,000 attendees.
Insignia Venture Partners founding managing partner and CEO Yinglan Tan, says “Ideas are great but execution is key in the tech space. The EV Hive leadership and staff have proven themselves to be the only co-working space operator to rapidly replicate their success formula across multiple prime locations while still maintaining the community network and effectively improving the productivity of members.
“They are building a very interesting network effect of talent, founders, companies, advisors and investors. We are excited to be part of the Company’s journey as they extend their market leadership and project their strengths in the co-working business to other verticals in the sharing economy across Southeast Asia."
Marking Intudo Ventures’ debut investment in Indonesia, co-founder and managing partner Patrick Yip commented, “Intudo Ventures is a highly selective venture capital investor who only backs a few entrepreneurs in Indonesia each year and offer them our full support and management attention.
“The EV Hive team has proven themselves to be able to continuously offer innovations in both space and services to support the entrepreneurs’ journey. We are delighted to be working closely with the team as they rapidly grow their footprint across the region.
EV Hive continues to seek partnerships with additional property developers and community leaders as it rolls out across Indonesia and the wider Southeast Asia region.