SoftBank co-leads $20m round for Indonesia's EV Hive
SoftBank Ventures Korea (SBVK) has co-led a $20 million Series A round for EV Hive, an Indonesian co-working space operator that spun out from East Ventures last year, alongside H&CK Partners and Tigris Investment, both of which are also based in South Korea.
New investors Naver Corporation, STIC Investments and Line Ventures also took part in the round, along with existing backers East, Sinar Mas Digital Ventures (SMDV), Insignia Venture Partners and Intudo Ventures, according to a statement. The company will use the new capital to accelerate its domestic and regional expansion plans.
EV Hive currently manages 21 locations across Indonesia with more than 30,000 square meters of working space. Another eight locations are under construction in Indonesia, and the aim is to expand into the broader Southeast Asia region in the near future. Through its working spaces, the company provides a range of support services and a community network for start-up founders.
East spun out EV Hive in May 2017 in order to give the platform access to a wider range of investors and open up more collaboration possibilities with regional accelerators and start-up hubs. Insignia led the company’s previous round in September, committing $3.5 million in pre-Series A funding alongside Intudo, East, and SMDV.
SBVK’s investment is aimed at supporting EV Hive’s efforts to develop the entrepreneurial community in Southeast Asia. The firm has backed a number of start-ups in the region, including Indonesian e-commerce marketplace Tokopedia and Singapore-based financial technology company Funding Societies.
H&CK invests in high-growth businesses in Korea and Southeast Asia. It hopes that nurturing the Southeast Asian start-up ecosystem will lead to more collaboration opportunities for its Korean portfolio companies and further investment opportunities for itself in the region.
The co-working space segment in Asia has grown quickly due largely to demand for more flexible real estate arrangements. JustCo, a Southeast Asia-based operator, recently formed a platform alongside Singapore’s GIC Private and Frasers Property to invest $117 million in co-working spaces across Asia Pacific.
US-based WeWork is also making inroads in Asia, having received a $4.4 billion investment last year from SoftBank Group and the SoftBank Vision Fund. In addition to aggressive organic expansion, the company bought Singapore-based Spacemob and Greater China-focused Naked Hub.
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