Indonesia’s EV Hive raises $13.5M and expands into co-living and new retail
WeWork’s battle to win co-working in Indonesia, the world’s fourth most populous country, is intensifying after one of the U.S. firm’s key rivals issued a slew of announcements to double down on its business.
EV Hive, an Indonesia-based co-working startup, said today that it has raised $13.5 million and expanded into new verticals. The company is putting off plans to foray into new countries in order to prioritize growth opportunities at home.
The four-year-old company, which started as a project for seed-stage VC firm East Ventures, has rebranded to CoHive as part of the strategy to diversify its business. That’ll see it add new services for living spaces (CoLiving) and retailers (CoRetail), in addition to its core co-working and events businesses.
“We’re the number one player in the market and our goal now is to use the capital and offer more services and products,” Jason Lee, CoHive’s CFO, told TechCrunch in an interview.
As for the new funding, that’s a first close of the firm’s Series B and it is led by Korea’s Stonebridge Ventures . That money takes CoHive to more than $37 million to date — it last announced a $20 million raise one year ago —
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