CoHive, an Indonesia-based co-working space manager backed by corporate investors SoftBank, Sinar Mas, Naver and Line, has raised $13.5m for the first close of its series B round.
Education finance provider Stonebridge Ventures led the tranche, participating alongside investment firm Kolon Investment, healthcare-focused venture capital firm Stassets Investment, undisclosed local property developers and existing backers that included private equity firm H&CK Partners.
Previously known as CoHive, EV Hive oversees a network of more than 30 flexible workspaces situated across four cities. They can be rented out to businesses or individuals, by the desk or office.
The company also announced it has expanded its operations into a series of subsidiaries, branded as CoWorking, CoLiving, CoRetail and CoHive Event Space respectively.
SoftBank Ventures Korea, a corporate venturing vehicle for internet and telecommunications group SoftBank, led CoHive’s $20m series A round in June 2018.
Internet company Naver also took part in the round, aloing with Line Ventures, the corporate venturing arm of messaging platform Line, and conglomerate Sinar Mas, which invested through its Sinar Mas Land and SMDV subsidiaries, as well as H&CK Partners, Tigris Investment, STIC Investments, East Ventures, Insignia Venture Partners, Intudo Ventures and several angel investors.
Insignia Venture Partners led a $3.5m pre-series A round for CoHive in September 2017 that was also backed by SMDV, Sinar Mas Land, Intudo Ventures, East Ventures and assorted angel investors. It came four months after SMDV, Sinar Mas Land and East Ventures had supplied $800,000 in funding.