SUMMARY
Important Indonesia Startup Stories Of The Week
From mergers and acquisitions to funding and contests, here is the next edition of the Indonesia weekly review – your weekly dose of the latest happenings from the Indonesia startup ecosystem.
Indonesian Coworking Space EV Hive Gets $3.5 Mn Pre-Series A Funding
Jakarta-based coworking space provider EV Hive has raised $3.5 Mn in Pre-Series A funding. The funding round was led by Insignia Venture Partners. The round saw participation from Intudo Ventures, Pandu Sjahrir and a network of prominent angel investors.
Existing investors East Ventures, SMDV and Sinar Mas Land also participated in the round.
This investment marks Intudo Ventures’ debut investment in Indonesia.
Since its founding in 2015, EV Hive’s network has hosted over 187 events with over 17,000 attendees. EV Hive also acts as a community platform for learning and growth acceleration for entrepreneurs.
Zilingo Lands $17 Mn In Series B Funding To Capture Southeast Asia’s Fashion Market
Southeast Asian fashion marketplace Zilingo has raised $17 Mn in Series B funding round. The investment was led by Sequoia Capital India & Burda Principal Investments.
Tim Draper, founder of DFJ also joined the Series B funding round along with the family office of Manik Arora, who was the founder of IDG Ventures India. The participation in Series B funding represents Arora’s first investment in Southeast Asia and one of Draper’s early investments in the region too. Existing investors, Venturra Capital, SIG, Beenext, and Wavemaker joined the recent Series B funding round as well.
Prior to raising the Series B funding round, the company had raised $8 Mn Series A funding in September 2016 and $2 Mn Seed funding round in 2015, taking the total funding raised by Zilingo to $27 Mn.
Stay tuned for next week’s Indonesia Weekly Review.
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