EV Hive raised $3.5 million Pre-Serie A led by Insignia

Indonesia's EV Hive announced it has raised US$3.5 million in Pre-Serie A funding led by Insignia Venture Partners. Co-working space network start-up on Thursday said the funds will be used to open co-living and co-warehousing services. EV Hive CEO Carlson Lau said the service expansion aims to meet the needs of the user community.

Tinuku EV Hive raised $3.5 million Pre-Serie A led by Insignia

EV Hive was originally part of East Ventures. In early 2017, they became a separate business unit and up to now have seven locations. Previously, EV Hive also partnered with Singapore's Bash where both will use the facility when they visit in both countries.

This investment by Insignia Venture Partners is a newly established venture capital by former Partner at Sequoia Capital, Yinglan Tan. Participating in this latest funding is Intudo Ventures and Pandu Sjahrir. Previously EV Hive got funding by East Ventures, SMDV, and Sinar Mas Land.

The main competitor of EV Hive in Indonesia is Cre8, Freeware Spaces, and ReWork which just got US US$3 million from UrWork. The global co-working space company, WeWork, has also entered the Indonesian market by acquiring Singapore's Spacemob.