[Update 10/22] Co-founder Amarit Charoenphan confirmed to e27 the deal amount
Thailand’s first co-working space HUBBA announced today a US$350k pre-Series A round with VC firms 500 Startups, Golden Gate Ventures, Ardent Capital and a host of angel investors. According to a release, HUBBA said it expects to raise a full Series A round in early 2016.
500 Startups’ micro funds 500 Durians and 500 Tuk Tuks were also involved in the deal. Ruangroj ‘Krating’ Poonpol, Venture Partner at 500 Tuk Tuks will join the Board of Directors.
In June, e27 reported a similar deal, but HUBBA Co-founder Amarit Charoenphan told us today’s announcement was of a full round. This round included additional investors.
Bangkok-based HUBBA will use the cash to fund tradition expansion by opening more offices across Thailand and potentially international locations.
Additionally, today HUBBA announced a joint venture with property developer Sansiri to build a new product called HUBBA – TO — an artisan co-creation community.
Last, the co-working space is working on a new type of office it calls Node. HUBBA described Node as an “automated office that fulfills the needs in technology for business starters.”
HUBBA said it was not actively seeking corporate investors but was consistently receiving attractive opportunities for real estate developers hoping to get involved in Thailand’s co-working scene.
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Disclaimer: Ardent Capital, which is an investor in HUBBA, is also an investor in Optimatic Pte Ltd, the parent company of e27.