Home News EV Hive raises US$3.5M from Yinglan Tan’s Insignia Ventures to compete with...

EV Hive raises US$3.5M from Yinglan Tan’s Insignia Ventures to compete with Indonesian co-working spaces

Author

Date

Category

- Advertisement -

Other investors include Intudo Ventures, Pandu Sjahrir, investors East Ventures, SMDV, Sinar Mas Land, and angel investors

EV_Hive

Boy, co-working spaces in Indonesia sure have been attracting a lot of investor interest of late.

Today, co-working space chain EV Hive  announced it has raised US$3.5 Million in pre-Series A funding led by Insignia Venture Partners — this is former Sequoia Partner Yinglan Tan’s new fund, which closed US$25 million for its first fund yesterday.

Joining the round was Intudo Ventures, Pandu Sjahrir and a network of prominent angel investors. Existing investors East Ventures, SMDV and Sinar Mas Land have also participated.

- Advertisement -

The firm will use the newly-raised financing to accelerate the growth of its platform and build additional services for its community members.

Also Read: Did Starbucks miss the co-working boat?

Founded in 2015, EV Hive has over 7 spaces, with 9 other locations under construction. In May, it raised US$800,000 and brought on a new management team.

“The EV Hive leadership and staff have proven themselves to be the only co-working space operator to rapidly replicate their success formula across multiple prime locations while still maintaining the community network and effectively improving the productivity of members,” said Yinglan Tan, Founding Managing Partner and CEO of Insignia Venture Partners.

EV Hive will have to compete in an increasingly crowded co-working market in the country (although, for now, it is still large enough to bring in a few more players).

Some of its main competitors include Rework, which raised US$3 million last week, Spacemob — which got acquired by American co-working giant WeWork —GoWork,  Cre8, and government-owned Jakarta Creative Hub, to name a few.

Disclaimer: Spacemob is an investor in e27’s parent company, Optimatic Pte Ltd.

The post EV Hive raises US$3.5M from Yinglan Tan’s Insignia Ventures to compete with Indonesian co-working spaces appeared first on e27.


Source: e27

Please follow and like us:
Tweet
Share
- Advertisement -

Sexual harassment claim: NUS student says he did not receive proper help

Singapore -- A National University of Singapore (NUS) student, formerly from Tembusu College, has written a lengthy social media post not only about how he was sexually harassed by a former student tutor but also about how, when he tried to...

Biden will be nicer to China than Trump

Joseph Biden, the presumptive next US President, will be friendlier to China than US President , judging by Biden’s statements and cabinet selections. Biden’s more harmonious posture towards China will please leaders of various Asian countries including Singapore Prime Minister...

K Shanmugam: In Singapore, the right to speak freely goes with the duty to act responsibly

Singapore—Speaking at the 16th Religious Rehabilitation Group Seminar at Khadijah Mosque on Monday (Nov 24), K Shanmugam, the Minister for Law and Home Affairs, said that the threat of terrorism has not gone away though its “shape and nature” have changed. Citing...
Please follow and like us:
Tweet
Share
Follow Me
Tweet