Boy, co-working spaces in Indonesia sure have been attracting a lot of investor interest as of late.
Today, co-working space chain EV Hive announced it has raised US$3.5 Million in pre-Series A funding led by Insignia Venture Partners — this is former Sequoia Partner Yinglan Tan’s new fund, which closed US$25 million for its first fund yesterday.
Joining the round was Intudo Ventures, Pandu Sjahrir and a network of prominent angel investors. Existing investors East Ventures, SMDV and Sinar Mas Land have also participated.
The firm will use the newly-raised financing to accelerate the growth of its platform and build additional services for its community members.
Also Read: Did Starbucks miss the co-working boat?
Founded in 2015, EV Hive has over 7 spaces, with 9 other locations under construction. In May, it raised US$800,000 and brought on a new management team.
“The EV Hive leadership and staff have proven themselves to be the only co-working 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,” said Yinglan Tan, Founding Managing Partner and CEO of Insignia Venture Partners.
EV Hive will have to compete in an increasingly crowded co-working market in the country (although, for now, it is still large enough to bring in a few more players).
Some of its main competitors include Rework, which raised US$3 million last week, Spacemob — which got acquired by American co-working giant WeWork —GoWork, Cre8, and government-owned Jakarta Creative Hub, to name a few.
Disclaimer: Spacemob is an investor in e27’s parent company, Optimatic Pte Ltd.