EV Hive, a Jakarta-based startup offering co-working spaces, has a new management team and has raised $800,000 in funding from investors, the venture-capital-backed company said in a statement on Monday (15/05). (Photo courtesy of EV Hive)

EV Hive Announces New Management, Raises $800,000 in Pre-Series A Funding

BY :TABITA DIELA

MAY 16, 2017

Jakarta. EV Hive, a Jakarta-based startup offering co-working spaces, has a new management team and has raised $800,000 in funding from investors, the venture-capital-backed company said in a statement on Monday (15/05).

The new management team consists of Carlson Lau as chief executive officer, Jason Lee as chief financial officer and Ethan Choi as chief strategy officer.

Prior to working at EV Hive, Lau was the general manager of business development at Saratoga Investama Sedaya, while Lee was the chief financial controller at online booking service for budget hotels NIDA Rooms and Choi previously worked at business consulting firm Principia Management Group.

"It is time for EV Hive to move to the next level, further consolidating its leadership position, managed by a passionate team," Willson Cuaca, East Ventures co-founder and managing director, said.

EV Hive is supported by the Tokyo-based East Ventures that secures seed funding for early-stage companies. EV Hive is also supported by Jakarta-based technology-focused venture capital firm SMDV and real estate developer Sinar Mas Land.

The $800,000 of funding was secured in the pre-series A stage where funding was secured from investors after the startup secured seed capital.

Apart from existing investors, the three new additions to the management team also invested in the pre-series A funding.

"We have closed the pre-series A funding round and are looking to raise funds in series A to deliver on our roll out plan," Lau told the Jakarta Globe.

Series A funding typically refers to a startup company's first significant round of capital financing from external investors.

The co-working space also announced the acquisition of another co-working facility known as D.Lab in Menteng, Jakarta.

EV Hive is currently operating more than 2,400 square meters of space across four co-working outlets in Jakarta and Tangerang. Lau said the company would triple its square footage and rollout seven new locations by the end of the year.

EV Hive offers membership at a starting price of Rp 1 million ($75) per person per month.

"We see Rp 1 million as the first step in providing open, affordable access to our facilities," Law said, adding that the company also offers curated discounts on food and beverages and gym memberships.

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