Jakarta-based chain of coworking spaces, EV Hive has secured $800K in its Pre Series A round of funding from existing and new investors.
The round saw participation from Tokyo-based VC firm East Ventures, tech-focussed VC firm SMDV, and real estate company Sinar Mas, along with three, undisclosed management members.
The funding will be used to expand the company’s coworking spaces across Indonesia.
Additionally, the company has also hired a new management team that consists of Carlson Lau as CEO, Jason Lee as CFO, and Ethan Choi as Chief Strategy Officer.
Before joining EV Hive, Carlson Lau was the general manager of business development at Saratoga Investama Sedaya. Jason Lee worked as the Chief Financial Controller at online hotel aggregator platform, NIDA Rooms and Ethan Choi worked in the business consulting firm, Principia Management Group.
Commenting on the development, Willson Cuaca, co-founder and Managing Director, East Ventures said, “It is time for EV Hive to move to the next level, further consolidating its leadership position, managed by a passionate team.”
EV Hive Acquires Rival D.Lab
In a related development, EV Hive has also acquired a rival coworking space, D.Lab, based out of Menteng, Jakarta. Post the transaction, D.Lab will operate under EV Hive, along with the company’s other locations in Jakarta Smart City Kuningan, Maja Kebayoran Baru, and Breeze BSD.
As stated in a report by Jakarta Globe, EV Hive is currently operating more than 2,400 sq. mt. of space and offers four coworking facilities across Jakarta and Tangerang. The company further plans to triple its area coverage and launch seven new locations by the end of 2017.
The company currently offers four membership plans, namely: free member, flexi desk, dedicated desk and private office. The facilities offered include work-desks, printing, dedicated conference rooms, access to member only events, high speed Internet and free unlimited coffee. The company also offers curated discounts on food and beverages and gym memberships.
The services can be availed at a starting price of $75 (Rp 1 Mn) per person, per month.
Indonesia has seen many developments recently in the network of its coworking spaces. In December 2016, it was reported that FlySpaces, a Singapore-based co-working space would launch operations in Jakarta in 2017. The launch happened in March 2017. In the same month, Jakarta city administration launched the Jakarta Creative Hub – a fully subsidised coworking space for young entrepreneurs. In April 2017, Jakarta’s co-working spaces chain Rework launched its second office in the city in Kuningan, South Jakarta.
