[THE INVESTOR] SoftBank Ventures Korea, the venture capital arm of Japan’s telecom giant, on June 5 said it has led a US$20 million Series A funding round in Indonesian co-working space operator EV Hive.
Along with Naver, local private equity firms H&CK Partners, STIC Investment, Tigris Investment and Line Ventures -- VC arm of Line -- participated in the latest round. Existing investors from the Southeast Asian region, including East Ventures, SMDV, Sinar Mas Land, Insignia Venture Partners and Intudo Ventures, also joined the investment.
(From left) CEO Carlson Lau, CSO Ethan Choi and CFO Jason Lee
EV Hive, the epicenter of Indonesia's coworking space war
“EV Hive, which defined a new working environment for startups in Southeast Asia, will become the cradle of unicorns,” said Sean Lee, partner and managing director of SoftBank Ventures. “We hope EV Hive will not only expand in Southeast Asia but also create various business synergies with Korea.”
“We are delighted to welcome our new investors to participate in our exciting growth in Indonesia and Southeast Asia,” EV Hive CEO and co-founder Carlson Lau said in a statement. “We are expanding rapidly across Indonesia, launching two new co-working hubs at Menara Mandiri and Menara Prima in Jakarta, and rolling out new business verticals under our new brands.”
The fresh investment will help the Jakarta-based startup to expand into more locations and cement its market leadership in a country where global co-working giant WeWork hasn’t debuted yet.
Established in 2015, EV Hive currently manages more than 30,000 square meters of workspace in 21 locations across Indonesia, with eight additional locations under construction. It is seeking to launch in other major cities in the country, including Bali, Surabaya and Bandung.
Last year, EV Hive raised pre-Series A round of US$3.5 million led by Insignia Venture Partners, with participation from Intudo Ventures and existing investors East Ventures, SMDV and Sinar Mas Land.
By Ahn Sung-mi (firstname.lastname@example.org)