Jakarta. Leading global venture capital fund East Ventures recently teamed up with SGInnovate to establish stronger regional access for startups in Indonesia and Singapore, a company representative said in Jakarta on Tuesday (25/04).
Willson Cuaca, managing partner of East Ventures, announced that the partnership will be conducted through its co-working space, EV Hive, and SGInnovate's startup incubator, BASH.
"This partnership aims to build a regional collaboration that will benefit members of both organizations with easy expansion access," Willson said.
Through the partnership, Singapore-based companies can use EV Hive as a launch pad to access the Indonesian market, while archipelago-based companies will use BASH to penetrate the Singaporean market and beyond.
Focusing on venture capital investment in both countries, Willson said the collaboration will allow members to tap a wide variety of networks, spaces and services offered by East Ventures and SGInnovate.
"Indonesia and Singapore have both benefited from massive growth of the consumer market in recent years, driven by internet penetration and mobile adoption," Willson said.
Through the partnership, EV Hive's portfolio companies and technology startups will receive support from the global investment arm of the Singapore Economic Development Board (EDBI).
Additionally, startups in later investment stages can also leverage support from EDBI and East Ventures.
"When growth-stage companies from Indonesia are ready to expand globally to reach international markets, they can leverage EDBI's networks to access global partners and business opportunities."
"Meanwhile, Singaporean startups that are keen to participate in the growth of the Indonesia digital sector can leverage EV Hive to do so," Willson said.
EV Hive has two locations in South Jakarta and another in Bumi Serpong Damai, Tangerang, and has facilitated the development of at least 30 Indonesia-based and six Singapore-based startups.
By the end of 2017, Willson said the company hopes to build more co-working spaces across the capital, including one specifically tailored to meet the needs of fintech startups working in tandem with local banks.
"This year, we are planning to build up to seven co-working spaces in Jakarta alone."