CoHive Officially Launches Brand & New Products with US$ 13.5 million First Close of Series B Funding

JAKARTA, Indonesia, June 19, 2019 /PRNewswire/ -- The largest CoWorking space company in Indonesia officially launches its new brand: CoHive. Previously known as EV Hive, the company evolves beyond CoWorking space. Through the Grand Launch event 'Transformation 4.0' on Wed (06/19), CoHive introduces its current and new products: CoWorking, CoLiving, CoRetail and CoHive Event Space.

This momentous event is also marked by the launch of the CoHive 101 building as its headquarters in Mega Kuningan, Jakarta. The 18-story building facilitates up to 2,700 members through open CoWorking spaces, private offices and meeting rooms. CoHive Co-Founder and CEO, Jason Lee explained that the building represents the company's commitment to strengthen its presence in Indonesia. "This building marks us as the first CoWorking space company in Indonesia that fully operates a high-rise building," said Jason.

Lee added that the launch showed his optimism about the market demand for an integrated ecosystem. Hence, CoHive introduces its first CoLiving product in partnership with Keppel Land Indonesia at Tower Crest West Vista, West Jakarta - providing 64 rooms with a total area of 2,800 sqm. It offers the full amenities of city living at an affordable price. Its goal is to create a home environment that cultivates collaboration through sharing spaces for members to hang out with like-minded neighbors.

Meanwhile, CoRetail offers affordable and flexible retail space solutions, where businesses showcase new products and target a large startup community like CoHive. Located at the ground floor of CoHive 101, this first CoRetail project aims to be the center of the community, where people gather to work while coming together for collaborative events. In addition to that, CoHive also launches its Event spaces to accommodate the needs of businesses to hold gatherings and corporate events.

Due to its achievement and promising future plan, CoHive has secured US$13.5 million from the first close of Series B round financing led by Stonebridge Ventures. Director of Stonebridge Ventures, Fortune Sohn, mentioned that the investors would like to strengthen CoHive's number one position in the market to become the largest community builder in Indonesia and not just as a coworking space.

"CoHive is the leading CoWorking space provider in Indonesia. The founders have done a great job delivering significant value to both the tenants and the building landlords by enabling quality, flexible workspaces at reasonable prices and doubling the occupancy rates for buildings," added Sohn.

Other investors in this funding series include Kolon Investment, Stassets Investment, local property developers and existing investors including H&CK Partners. With this new investment, CoHive plans to expand its CoWorking locations in Jakarta and other new cities, such as Surabaya, Bandung and Makassar. As of today, CoHive has approximately 9,000 members who rent space for a month or longer across 31 locations covering approximately 65,000 sqm in four cities: Jakarta, Medan, Yogyakarta, and Bali.

SOURCE CoHive

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