Indonesia co-work space EV Hive raises $800K, appoints new management team

coffee in a coworking space.

Co-working space and community network EV Hive has raised $800,000 from existing backers and three individuals – Carlson Lau, Jason Lee, and Ethan Choi – who have been appointed as new management team, Indonesia-focussed venture capital firm East Ventures announced.

The network has also acquired D.Lab office in Menteng, bringing the total number of EV Hive locations in Indonesia to four. The new team will see Lau taking over position as CEO, Lee as CFO, and Choi and CSO.

“Our team continues to push hard. We intend to roll out seven locations by the end of the year to promote Indonesia’s largest, most convenient co-working network, allowing entrepreneurs to interact, grow and innovate within a tight-knit community,” Lau said.

Lau joins EV Hive from publicly-listed Saratoga Investama Sedaya where he was a general manager in charge of private equity investments. The new CFO, Lee, was a former chief financial controller at budget hotels startup NIDA Rooms. Meanwhile, Choi worked at Indonesian PE fund Principia Management Group prior to joining.

The new management team is expected to be EV Hive’s new engine to drive regional expansion, it said.

EV Hive claims to have engaged with over 10,000 startup talents, running 120 biweekly events and gatherings with close partners. It has worked with Amazon Web Services, Facebook, Google, SGInnovate, and many others in the VC community.

“It is time for EV Hive to move to the next level, further consolidating its leadership position,” said Wilson Cuaca, founder of EV Hive’s main backer and VC firm East Ventures.

“(EV Hive is) managed by a passionate team that is dedicated full time to extending its value proposition further, within Indonesia, as well as to the region at large,” he added.

Two weeks ago EV Hive had announced a partnership with Singapore to create a joint landing pad for startups from both countries, where it will be connected with BASH, a startup space operated by SGInnovate.

The partnership will allow members of both institutions to “tap into networks, spaces and services” of each other, in Singapore and Indonesia. The program is expected to further ease regional expansion and open an easier collaboration between startups in the regions.

EV Hive is currently backed by East Ventures and SMDV, tech-focused investment arm of Indonesian conglomerate group Sinar Mas.

Besides D.Lab Menteng, EV Hive now has co-working spaces in Jakarta Smart City Kuningan, Maja Kebayoran Baru, and D’Breeze BSD.

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.