Rework, a Jakarta-based co-working space, secured $3 million in funding from several foreign investors, including some from China, to expand the company's business across the archipelago.(Photo courtesy of Rework)
Co-Working Space Rework Secures $3m in Funding From Foreign Investors
BY :SARAH YUNIARNI
SEPTEMBER 12, 2017
Jakarta. Rework, a Jakarta-based co-working space, secured $3 million in funding from several foreign investors, including some from China, to expand the company's business across the archipelago.
The funding round was co-led by venture capital firms ATM Capital and Convergence Ventures. Indian-based venture capital firm Unicorn, Chinese co-working space UrWork, California-based venture capital firm Social Capital, Fortune Union Investment, ACE Capital and several other undisclosed investors also contributed funding.
"Co-working spaces represent a huge business opportunity in Indonesia. The service can also give values to us as we are providing the service to small and medium enterprises," Rework founder and chief executive Vanessa Hendriadi said in a statement released on Tuesday (12/09).
Vanesa also added that Rework offers low-cost services that will mostly attract SME businesses and will host networking events and classes for start-up players.
Established in 2016, Rework now operates co-working spaces at Cityloft in Central Jakarta and at the Setiabudi Building in South Jakarta. The new funding will be allocated to expand the company's business network in 35 locations in big cities across Indonesia by 2018.
"Rework, as a leading co-working space, has enormous potential. We cannot wait to realize the partnership between ATM Capital and Rework to encourage the growth of powerful entrepreneurs who persistently build their business," ATM Capital founder and partner Qu Tian said.
The company has seen a growing community within its co-working space, as Rework has recorded around 5,000 members.
"We see enormous potential in Indonesia and we want to work together to transform workspaces," UrWork founder Mao Da Qing said.
Rework also has a mobile application that is available on iOS for the iPhone and on the Google Play store for Android devices and offers various features for booking co-working spaces and networking events.