Home News Indonesia’s Rework grabs US$3M as funding in co-working spaces in SEA heats...

Indonesia’s Rework grabs US$3M as funding in co-working spaces in SEA heats up




- Advertisement -

ReWork will use the newly-raised financing to expand its co-working spaces across Jakarta, Surabaya and Bali


Indonesia co-working space Rework has nabbed US$3 million in a Pre-Series A round co-led by ATM Capital and Convergence Ventures.

China’s co-working space, UrWork — with over US$160 million in its war chest, according to crunchbase — Social Capital, Fortune Union Investments, ACE Capital and new and existing investors also participated in the round.

Rework will use the newly-raised financing to roll out its co-working spaces to over 35 locations in Indonesia, including cities like Jakarta, Surabaya and Bali, next year.

- Advertisement -

The startup was founded in 2016 by Vanessa Hendriadi, a USC MBA who was inspired to build co-working spaces in Indonesia after seeing their success during a business trip to the US.

“After experiencing the energy and value a collaborative work space could provide to small businesses, I knew this would be a huge opportunity in Indonesia and that I had the right background and network to create a uniquely valuable product,” Hendriadi.

Last year, Indonesia launched its first co-working space initiative. And there are also other local co-working space players including GoWork and Cre8, but this vertical is still fairly nascent.

According to an official Rework press release, co-working spaces in Indonesia comprises of less than 1 per cent of total office spaces. But with the local startup ecosystem in rapid growth mode, and with Indonesia being a large market, there’s plenty of opportunity for many co-working players to expand their reach (with little risk of saturation or overcrowding).

Also Read: In Photos, new Spacemob location brings similar aesthetics, hi-tech focus, to the forests of Singapore

“Compared to traditional serviced offices Rework provides an energising and collaborative environment that helps our team be more effective and happier at work, while also saving costs compared to maintaining our own office,” said Ben Neve, CEO of regional real estate business DotProperty, which has an 8 member team working from Rework Kuningan.

Last month, American co-working giant WeWork acquired Singapore-based Spacemob for as part of a US$500 million investment plan to reach deeper in Asia. Expect to see more foreign players plow cash into co-working spaces in the region, in the near future.

Image Credit: Rework.


The post Indonesia’s Rework grabs US$3M as funding in co-working spaces in SEA heats up appeared first on e27.

Source: e27

Send in your scoop to news@theindependent.sg 

- Advertisement -

Mixed reactions to Shanmugam’s promise to install ‘many more’ police cameras across Singapore

Singapore—Home Affairs and Law Minister K Shanmugam said in Parliament on Monday (March 1) that many more cameras will be installed in Singapore in addition to the 90,000 already located in public places such as car parks, neighbourhood centres and Housing...

‘Can we get a breakdown on those numbers?’ asks PSP’s Kumaran Pillai

Singapore — Progress Singapore Party's (PSP) Kumaran Pillai took to Facebook on Monday (Mar 1) to clarify his party's position. He made it clear the PSP did not want to close the Singapore economy but wanted a breakdown of the number...

Father tells daughter $650 monthly allowance is not enough and threatens to sue

  Bullied by her father who wants more money, a woman is asking how much children should give their parents once they start working. The post has gone viral. It was submitted to the anonymous confessions platform, the NUSwhispers Facebook page. NUSwhispers cannot...

Send in your scoop to news@theindependent.sg