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EV Hive raises $20M to compete in Southeast Asia’s co-working sector

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EV Hive raises $20M Southeast Asia co-workingUsually, co-working facilities are designed in a way to allow those to interact more easily, making them wide and spacious areas. However, the co-working market is becoming increasingly saturated. EV Hive, an Indonesia-based co-working operation, has already raised US$20 million in funding to compete in the sector.

The series A round was led by SoftBank Ventures Korea and joined by new investors H&CK Partners, Tigris Capital, STIC Investments, Korean internet portal Naver, and Line Ventures, the investment arm of the Japanese messaging powerhouse.

The funding is one of the highest in the sector across Southeast Asia. Last month, Singapore-based JustCo announced a US$177 million partnership with Singapore state fund GIC and real estate developer Frasers Property to expand its presence in the region and enter new markets.

EV Hive hopes to build on its 21 existing venues to hit 100 locations throughout the region by 2022. It’s already exploring opportunities in places like Thailand, Vietnam, and Myanmar, says CEO Carlson Lau.

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