Founded by VC firm East Ventures, Indonesia based EV Hive – a co-working space chain, raised US$20 million in Series A round funding. Earlier in September 2017, the company raised US$3.7 million in its pre-Series A funding. The recent round of funding is led by Softbank Ventures Korea, which saw new investors like STIC investments, Tigris Investment, H&CK Partners, Naver, and LINE Investments.
It included existing investors like Insignia Venture Partners, Sinar Mas Lander, East Ventures, and others. The company came up with EV Hive with an aim to provide office spaces for its portfolio companies.
In a statement, the company said it would use the new funding to accelerate regional expansion plan with the goal to launch 100 locations throughout Southeast Asia (SEA) by 2022, including Thailand, the Philippines, and Vietnam.
In a response to an online web portal, Carlson Lau (CEO & Co-Founder EV Hive) said, “We believe that co-working in SEA is a very localized business, and finding and working with great community leaders in each city is key to ensuring that we bring the right pool of members to each location. We have already identified a few of these influencers in each of the cities we want to be, and are eager to roll out in these areas over the next few months”.