Indonesia-based VC firm East Ventures has teamed up with Singapore’s SGInnovate to create a joint landing pad for startups from both countries, according to an announcement.
East Ventures’ managed co-working space EV Hive will be connected with BASH, a startup space operated by SGInnovate. On top of that, startups in Series B stage and above can seek support from EDBI, the global investment arm of the Singapore Economic Development Board.
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.
Wilson Cuaca, managing partner, East Ventures, stated that the Singapore partners are supporting the firms in EV Hive at different stages of their development.
“When growth stage companies from Indonesia are ready to expand internationally to global markets, they can leverage EDBI’s networks to access global partners and business opportunities. Larger companies can seek help from the Singapore Economic Development Board for their regional expansion plans,” said Cuaca.
EV Hive currently manages two locations in Indonesia, with a total area of more than 600 square meters. The two offices house and facilitate 36 startups, six of them originally based in Singapore. EV Hive is expanding to more locations and will build up to seven offices by the end of the year.
East Ventures, one of Indonesia’s most active early-stage VC firms, has been investing since 2010. The company has offices in Jakarta, Singapore, and Tokyo.