Co-working Operator EV Hive Raises US$20 million Series A Investment Led by Softbank Ventures Korea, HCK Partners and Tigris Investment, Aims Regional Expansion to 100 Locations

Stocks and Financial Services Press Releases Tuesday June 5, 2018 09:00
JAKARTA, Indonesia--5 Jun--PRNewswire/InfoQuest
Indonesia's largest co-working and community operator EV Hive is pleased to announce a US$20 million Series A investment led by Softbank Ventures Korea, H&CK Partners and Tigris Investment.

New investors, including Naver, LINE Ventures and STIC Investments as well as existing investors East Ventures, SMDV, Sinar Mas Land, Insignia Venture Partners, Intudo Ventures and private tech-focused angel investor Michael Widjaya and Chris Angkasa also participated in the funding round.

"We are delighted to welcome our new investors to participate in the exciting growth of EV Hive in Indonesia and Southeast Asia. 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," said EV Hive CEO and co-founder Carlson Lau.

EV Hive currently manages more than 30,000 square meters of workspace in 21 locations across Indonesia, with eight additional locations under construction. Besides opening collaborative workspaces, EV Hive also offers a broad suite of supporting services and a strong community network to support its members in starting and growing their business.

Drawing on the experience and technological expertise of the investor network, EV Hive plans to accelerate its plans for regional rollout of smart co-working spaces.
"We are extremely grateful to our existing shareholders for their support and will continue to be obsessively focused on providing new services for our community," added Carlson.

Softbank Ventures Korea Partner and Managing Director Sean Lee said that after a series of evaluations into various co-working opportunities across the Asia, the company threw its support behind the EV Hive team for its powerful combination of vision and execution focus.

"Co-working will become the mainstream platform through which the modern workforce is organized, and I am confident that EV Hive will be the leading regional player in this exciting new industry," Lee said.
Meanwhile, Sinar Mas Land CEO Michael Widjaya said that the existing partnership with EV Hive at Breeze BSD had successfully attracted the young generation of entrepreneurs and tech-startups to BSD.
"We plan to build Indonesia's Silicon Valley at BSD, and look forward to working closely with EV Hive to bring their community to our new digital park development," Michael said.

Further, H&CK Partners CEO and Founder Jeongjoon Hwang said that the EV Hive's community comprises of many promising young founders who would follow the footsteps of Go-Jek and Traveloka to create Southeast Asia's next unicorn startups.

"EV Hive is an incredible platform for us to forge collaboration opportunities between these entrepreneurs and our network of South Korean strategic partners, stimulating a wave of further investments from South Korea into Indonesia," Hwang said.

Willson Cuaca, Managing Partner of East Ventures added "We are fortunate that a humble internal East Ventures (EV) project can go this far. Both early backer and the management team have done tremendous work to scale the product. We welcome our new partners and are confident that EV Hive would win the Indonesia market and beyond."

About EV Hive
More information about EV HIVE is available at: https://evhive.co
About Softbank Ventures Korea
SoftBank Ventures Korea is a venture capital founded in 2000 as an affiliate of SoftBank Group focused on early stage venture capital investments.
About H&CK Partners
H&CK Partners is a private equity fund manager focusing on investing in high growth businesses in Korea and South-East Asia.
About Tigris
Tigris is a South Korea venture capital fund manager focusing on investing in seed to Series A technology startups.
About Naver Corporation
NAVER Corporation is Korea's premier internet company, operating the nation's top search portal, 'NAVER.'
About LINE Ventures

LINE Ventures is the corporate venture arm of LINE Corporation (NYSE:LN/TSE:3938), which is dedicated to the mission of "Closing the Distance," bringing together people, information and society. The LINE messaging app launched in June 2011 and has since grown into a diversified global platform, providing a range of services and content.

About STIC Investments
STIC is an international venture capital and private equity fund management firm founded in 1999.
Contact:
Rina Kurniawan
PR Executive
+6281221992200
Photo - https://photos.prnasia.com/prnh/20180516/2135057-1

Latest Press Release

Siam Commercial Bank Partners with Chaixi Bameekiao and Visa To facilitate QR payment for noodle franchise

- Ms. Pimjai Tongmee, SCB's Payment Product Sales and Delivery Division Executive Vice President - Mr. Panrob Kamla, President of Chaixi Bameekiao Co. Ltd - Mr. Suripong Tantiyanon, Country Manager for Visa Thailand "Siam Commercial Bank" (SCB)...

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Global economic growth expected to slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its latest Global Economy Watch. PwC expects that the pick up in growth of most major economies...

QNB Group: Financial Results for the Year Ended 31 December 2018

QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2018. (Photo: https://mma.prnewswire.com/media/808498/QNB_Group_Head_Office.jpg ) Net Profit for the year ended 31...

CIMB THAI announces 2018 financial results with increased in operating income due to loan growth and lower gross NPL ratio. To fully move forward with Fast Forward program.

- Net interest income increased THB 544.3 million YoY mainly from loan expansion and higher interest income on investments. - Profit before tax of THB 271.2 million. - NPL ratio of 4.3% compared to 4.8% YoY due to more efficient risk management policies...

Related Topics