Indonesia-based co-working space CoHive announced that it has raised USD 13.5 million in a Series B round led by Korea’s Stonebridge Ventures, joined by Kolon Investment, Stassets Investment, and a number of existing investors including H&CK Partners.
The startup, which was previously known as EV Hive, launched its new brand and introduced new products and plans at a press event in Jakarta yesterday.
CoHive is setting itself apart from the competition by becoming the first Indonesian co-working space operator to manage an entire high-rise building, called CoHive 101, according to an official statement. Located in Jakarta’s business district Mega Kuningan, CoHive 101 has 18 storeys and can house up to 2,700 members in open co-working spaces, private offices, and meeting rooms. In all, CoHive has around 9,000 members.
With its fresh investment and new building, CoHive is optimistic about becoming a market leader in the industry, even as competition with its rival WeWork heats up. The US chain currently has four locations in Jakarta and is planning to open another in the Mega Kuningan area.
As the co-working industry has found popularity in recent years, CoHive is growing beyond its core business to offer living spaces (CoLiving) and services for retailers (CoRetail). Promoting the spirit of collaboration, CoLiving offers the full amenities of city living at affordable prices, while CoRetail provides flexible retail solutions, from temporary pop-up concepts to permanent retail spaces, where businesses showcase new products that target startup community networks.
So far, CoHive has partnered with Go-Food Festival (a culinary bazaar operated by Go-Jek’s Go-Food), digital coffee startup Fore Coffee, and e-commerce unicorn Bukalapak for its CoRetail project.
CoHive is present in 31 locations covering approximately 65,000 square meters in Jakarta, Medan, Yogyakarta, and Bali. This year, the company plans to expand to new cities, namely Surabaya, Bandung, and Makassar.