Jakarta-based shared workspace provider EV Hive has raised $3.5 million in funding from local and foreign investors to accelerate business growth and expansion of its facilities, the company said in a statement on Thursday (15/09). (Photo courtesy of EV Hive)

Co-Working Space Provider EV Hive Raises $3.5m From Local, Foreign Investors

BY :SARAH YUNIARNI

SEPTEMBER 15, 2017

Jakarta. Jakarta-based shared workspace provider EV Hive has raised $3.5 million in funding from local and foreign investors to accelerate business growth and expansion of its facilities, the company said in a statement on Thursday (15/09).

The funding round was led by Indonesia-focused venture capital company Insignia Venture Partners, while Indonesia-based venture capital firm Intudo Ventures, businessman Pandu Sjahrir, a network of prominent angel investors, along with early-stage venture capital firm East Ventures, real-estate developer Sinar Mas Land and Sinar Mas-affiliated venture capital firm SMDV also participated.

"We are extremely grateful to our investors' confidence in EV Hive. With the additional funding, we continue to follow closely in our core mission of supporting our entrepreneurs with plans to build additional shared services in co-living, co-warehousing and others that our community requires," EV Hive chief executive Carlson Lau said in the statement.

EV Hive currently has seven co-working spaces in Jakarta and Bumi Serpong Damai in Tangerang, Banten, with nine more currently under development.

EV Hive, which has a network of around 11,000 entrepreneurs and technology players, is also a community platform for learning and accelerating potential for entrepreneurs. The company, founded in 2015, has hosted more than 187 events, with more than 17,000 participants.

The company offers access for entrepreneurs and customers to all its EV Hive locations, community networking sessions, training seminars and business services.

"We are excited to be the 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," said Yinglan Tan, Insignia Venture Partners founding managing partner and chief executive.

Tan is a former venture partner of California-based Sequoia Capital and a former commissioner at Indonesian e-commerce platform Tokopedia.

EV Hive continues in seeking partnerships with property developers and community leaders across the archipelago and in the Southeast Asia region.

"We are delighted to be working closely with the team as they rapidly grow their footprint across the region," said Patrick Yip, co-founder and managing partner.

In the same week, Jakarta-based co-working space provider Rework also secured $3 million in funding from local and foreign investors, some of them from China.

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