Photo credit: Cre8/UnionSpace.
Several VC firms in Indonesia have teamed up to back Cre8, a chain of co-working spaces that claims to operate 20 locations in the country.
The VC firms behind this are Kejora Ventures, Gan Konsulindo, and Fenox, but only Kejora and Gan Konsulindo invested in Cre8 as part of this move, according to today’s release.
Cre8 is changing its name to UnionSpace and plans to add locations across Southeast Asia in the coming year. It also wants to invest in an online platform for entrepreneurs, where members can find resources and collaborate.
The co-working space also offers additional services like company incorporation, call answering, and so on.
Each of the three VC firms involved also runs an accelerator program and is therefore connected to a large network of early-stage startups that are typically in need of these types of services as they grow.
Kejora is behind Indonesia’s Ideabox accelerator, which has been taking in startups in two batches a year since 2014. Gan Konsulindo manages the Indonesian version of global accelerator brand Plug and Play, which ran its first round this year. Fenox’s accelerator program, GnB, launched in 2016.
Co-working as a business opportunity is increasingly attracting the attention of venture capital.
East Ventures, one of the most prolific investors in Southeast Asia, started several co-working locations in Jakarta and eventually spun out EV Hive. EV Hive recently received an investment from Insignia Ventures, run by former Sequoia Capital partner Yinglan Tan.
US company WeWork raked in billions of dollars to scale its flexible office space concept across the globe. It recently made a move into Southeast Asia by acquiring Singapore’s Spacemob.
Editing by Judith Balea and Michael Tegos
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