EV Hive raises $13.5m in funding, rebrands to CoHive with launch of new services

Indonesian co-working space startup CoHive secured US$13.5 million in funding from the first close of a series B round led by Korea’s Stonebridge Ventures.

Photo credit: CoHive

Korean venture capital firms Kolon Investment and Stassets Investment also participated in the round, alongside local property developers and existing investors such as H&CK Partners.

CoHive is an East Ventures project previously known as EV Hive. It plans to use the money to expand its co-working locations in Jakarta and to new cities such as Surabaya, Bandung, and Makassar. Currently, the company has 9,000 members who rent space for a month or longer across 31 different locations in Indonesia.

CoHive also introduced a suite of new products, namely CoWorking, CoLiving, CoRetail, and CoHive Event Space. The company launched the CoHive 101 building as well, which will serve as its headquarters in Mega Kuningan, Jakarta. The 18-story building can accommodate up to 2,700 members through open co-working spaces, private offices, and meeting rooms.

With its CoLiving launch, CoHive partnered up with Keppel Land Indonesia at Tower Crest West Vista, West Jakarta, to provide 64 rooms for its members.

Meanwhile, the company’s CoRetail project will offer flexible retail space solutions where businesses can showcase new products. The first CoRetail project will be located on the ground floor of CoHive 101.

CoHive also said it launched its Event Space services to accommodate businesses’ gathering and corporate events.