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.
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.
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).
“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.
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