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.