Indonesia-based co-working spaces provider EV Hive has raised $20m from investors led by SoftBank Ventures Korea, a local corporate venturing unit of internet and telecoms group SoftBank, TechCrunch reported today.
The round also featured real estate developer Sinar Mas Land, SMDV, the investment arm of conglomerate Sinar Mas, internet company Naver and Line Ventures, the corporate venturing arm of messenger developer Line.
H&CK Partners, Tigris Investment, STIC Investments, East Ventures, SMDV, Insignia Venture Partners, Intudo Ventures and assorted angel investors also contributed funding.
Founded in 2015, EV Hive operates large-scale co-working spaces in Indonesia. The company has so far focused on Jakarta and Medan but will use the funding to expand further across the country.
EV Hive expects to operate 100 spaces by 2022 internationally, with both Thailand and Vietnam on its radar long-term.
Insignia previously led a $3.5m pre-series A round in September 2017, with participation from SMDV, Sinar Mas Land, Intudo Ventures, East Ventures and assorted angel investors.
SMDV, Sinar Mas Land and East Ventures had previously backed an $800,000 funding round in May 2017.