Indonesia: ReWork raises $3m from ATM Capital, Convergence Ventures

Indonesian co-working space provider ReWork has raised $3 million in a pre-series A financing led by ATM Capital and Convergence Ventures. China’s co-work unicorn UrWork, Social Capital, Fortune Union Investments, ACE Capital as well as new and existing investors participated in the round.

The new funding will enable ReWork expand their work spaces across Jakarta, Surabaya, and Bali, the firm said. It aims for 35 locations in 2018.

ReWork was founded in 2016 by Vanessa Hendriadi, who gained the experience of managing business communities from her time with Entrepreneurs’ Organization Indonesia and AUSCI, a US alumni association in Indonesia.

Commenting on the investment, Hendriadi said: “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.”

Indonesia is seeing rapid growth of digital startups, driven by the supply of early-stage capital and a large consumption-based economy waiting to be disrupted.

The government has also launched several initiatives to support the technology sector including a goal to have 1,000 new startups by 2020. All this has fueled the growth of young businesses seeking modern, flexible work spaces with a strong community component.

However, presently even flexible office space comprises less than 1% of the total office supply in Indonesia, according to founder of UrWork Mao Da Qing,

Qing commented that Rework’s members and revenues have grown quickly with “healthy margins great retention, all while maintaining strong capital discipline.”

“We see great potential in Indonesia and are excited to partner with them to revolutionize office spaces in Indonesia,” Qing said.

In China, UrWork has 88 locations in 22 cities with a total valuation of approximately $1.5 billion. It has announced plans to expand into 32 cities worldwide over the next three years.

Meanwhile, Ben Neve, CEO of regional real estate business DotProperty, said: “Compared to traditional serviced offices Rework provides an energizing and collaborative environment that helps our team be more effective and happier at work, while also saving costs compared to maintaining our own office.”

Also Read:

Indonesia: KataAi raises $3.5m from Taiwan’s TPTF, MDI Ventures, others

Gobi Partners, Golden Equator lead $27m round in Indonesian startup SaleStock

Exclusive: Indonesia’s recommerce major Laku6 in talks to raise $3m Series A

Indonesia’s fintech investments set to touch record high in 2017

Indonesia: Convergence Ventures leads pre-series A into HR startup Urbanhire

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.