The Hub Singapore, a Singapore-based coworking space which launched in 2012, has raised S$1.5 million ($1.1 million) in a Series A round from an anonymous angel investors,a report said.
Commenting on the investor, Grace Sai, CEO of The Hub Singapore, said, “He wants to unite the region. He wants to do something that brings Southeast Asia together. So he thinks we’re the pioneer of ecosystem building in this way in Singapore. And in the years to come we can unite the region through entrepreneurship.”
This is part of a trend by venture capitalists and angel investors to diversify their investment portfolio, as well as capitalising on good business opportunities that present themselves .
According to the report, Sai sees the funding as a validation of her strategy, which involved pioneering a startup-focused coworking space in Singapore and establishing its legitimacy. Profitable seven months after launching and with over 500 paying members, sponsorship is a major revenue source, alongside memberships.
Funds from the latest investment be used to enhance service offerings, the development of a new coworking space venue at 128 Princep Street and the inclusion of corporate services that can attract and facilitate the operations of more mature ventures.
Sai also has ambitions to assists startup ventures that have hit a growth ceiling, acting as a broker between these ventures and larger entities like government agencies and multinational corporations.
Hub Singapore has partnerships with government, corporations, and startups, making it a great meeting ground for collaboration.
The report further quotes Sai as saying: “Everyone speaks a different language. Most people don’t know who exists on each side and who has intentions to collaborate. They have different cultures, pace, and rhythm, the bureaucracy or the lack of it. We speak both languages. We’ve scored more corporate partnerships than most intermediaries.”
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