EV Hive Raises $20M In New Funding Series – Announces Plans Of Expanding To Southeast Asia
Renowned coworking space firm EV Hive has announced that it will be planning to expand in Southeast Asia. At the same time, the company, that was founded in 2015 by East Ventures, a venture capital firm, will provide office spaces for the companies in its portfolio.
EV Hive, which is based in Indonesia, announced that it has raised a whopping US$20 million in Series A of its funding. The pre-series A round helped the company to generate US$3.7 million. The funding started from September 2017.
All this money, one might wonder as to what the company might possibly want to do with it. Well, there is a reason why EV Hive has decided to generate all this money because it has plans of expansion and expanding in many emerging economies in the Southeast Asia.
The new funding of Series A has had a lot of investments by different investors including H&CK, Tigris Investment, LINE Ventures amongst others. The current investors of the company were East Ventures, Insignia Venture Partners, Sinar Mas Land, SMDV and others.
While announcing as to what it wants to do with the new funding, EV Hive revealed the following:
The company announced that it wants to accelerate its regional expansion plan by venturing in different economies of Southeast Asia by 2022, where it will go in the Philippines, Thailand, Vietnam and others. It has a plan of launching in 100 locations throughout Southeast Asia.
On the other hand, the company also revealed plans of launching a new business in the verticals through different co-sharing platforms such as retail, residential and storage.
Finally, the company also announced that it would rebrand a little to help the company evolve as a sole player in the coworking space sector of Indonesia. EV Hive is an Indonesian coworking space firm that provides spaces for the companies in its portfolio.
While commenting on the company’s expansion plans, EV Hive’s CEO, while talking to e27 in an email, said, “The coworking space in Southeast Asia is a domesticated and localized business. It provides a great opportunity for people to interact and communicate”. While adding further, he said, “We are building coworking space businesses and have worked to develop many in-house capabilities through design and community business”. He also added, “We are using our experience in this developing business and sharing it with the economy”.
According to the company, it currently has more than 3000 active members in its portfolio. While speaking on how they get their members, the CEO of the company wrote, “All of our new members join us through recommendations that the existing members propose. Our customer and member base is continuing to grow and we are quite fortunate to experience great network effects as our previous members are helping in drawing new members in”.
Coworking spaces have become promising and Southeast Asia is one region where every coworking space firm wants to venture in for the many benefits and opportunities that it provides.