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.
Talking about the investment, lead investor Yinglan Tan, Founding Managing Partner and CEO of Insignia Venture Partners said, “The EV Hive leadership and staff have proven themselves to be the only coworking space operator to rapidly replicate their success formula across multiple prime locations while still maintaining the community network and effectively improving the productivity of members. They are building a very interesting network effect of talent, founders, companies, advisors and investors.”
Intudo – Debut Investment in Indonesia
This investment marks Intudo Ventures’ debut investment in Indonesia. Intudo Ventures was founded by Eddy Chan and Patrick Yip, working with founding advisor Timothy Chen, in 2017. The VC firm launched a $10 Mn fund in June 2017. Intudo Ventures was founded by Eddy Chan and Patrick Yip. It is an Indonesia-focussed independent venture capital firm.
The founding team has invested in dozens of early-stage companies in Silicon Valley, China, Hong Kong, Taiwan, Singapore, and Indonesia since the 1990s. These investments include the likes of PayPal, SpaceX, Palantir Technologies, Netscreen Technologies, and Fortinet.
EV Hive – Disrupting Coworking Space 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. The startup offers smart workplace to startups in Indonesia. Through events and workshops by its network of 11,000 entrepreneurs and tech communities, EV Hive helps local startups grow their business.