EV Hive bags US$20m in funding, eyes regional rollout

Indonesia's co-working and community operator EV Hive has confirmed a US$20 million Series A investment led by Softbank Ventures Korea, H&CK Partners and Tigris Investment.

The investment round includes new investors such as Naver, LINE Ventures and STIC Investments as well as existing investors East Ventures, SMDV, Sinar Mas Land, Insignia Venture Partners, Intudo Ventures and angel investor Michael Widjaya and Chris Angkasa, who have also participated in the funding round.

In a statement, EV Hive CEO and co-founder Carlson Lau explained that the company is expanding rapidly across Indonesia. This includes launching two new co-working hubs at Menara Mandiri and Menara Prima in Jakarta, and rolling out new business verticals under its new brands.

"We are delighted to welcome our new investors to participate in the exciting growth of EV Hive in Indonesia and Southeast Asia," Lau added.

EV Hive also plans to accelerate its plans for regional rollout of smart co-working spaces, the statement added. This involves drawing on the experience and technological expertise of the investor network.

“We are extremely grateful to our existing shareholders for their support and will continue to be obsessively focused on providing new services for our community,” Carlson added.

EV Hive is currently in 21 locations across Indonesia, with eight additional locations under construction. It also offers supporting services and a community network to help support its members in starting and growing their business.