EDBI support East Ventures’ efforts to provide access to Singapore companies seeking to expand into Indonesia

Share on facebook
Share on twitter
Share on linkedin

East Ventures managed coworking space, EV Hive, is working together with SG Innovate BASH to build a landing pad for companies from both countries. This partnership will ease companies from Indonesia to expand to Singapore and vice versa.

 

Quick Facts:

 

  • EV Hive partners with BASH to build regional collaboration. EV Hive is Indonesia-based coworking space, managed by East Ventures. BASH is Singapore’s biggest integrated startup space managed by SGInnovate
  • Regional companies which are based in Singapore can use EV Hive as a landing pad to Indonesia market. Indonesia companies can use BASH as an expansion jumping stone to access regional stage
  • Startups in later stage (Series B and above) can leverage support from EDBI, the global investment arm of the Singapore Economic Development Board, and a partner of East Ventures
  • Both entities will work on more programs for talent and knowledge sharing

JAKARTA, April 25, 2017 – The leading co-working space in Indonesia, EV Hive, builds regional collaboration with SGInnovate, benefiting its members with easy regional expansion access.

 

Focusing on venture investing in Singapore, SGInnovate also manages the largest integrated startup space in Singapore, [email protected] 71. The partnership between these two leading entities will allow members to tap into the networks, spaces and services of both East Ventures and SGInnovate in both Singapore and Indonesia.

 

Willson Cuaca, managing partner of East Ventures, says, “Both Indonesia and Singapore ecosystems have benefited from the massive growth of consumer market, driven by Internet penetration and mobile adoption in recent years.”

 

Singapore, with its excellent infrastructure, robust intellectual property protection regime, and easy access to global talent, is well positioned to be a regional digital hub for Asia. While Indonesia with its massive consumer base, hyper growth mobile Internet and fast growing middle class is the largest digital economy in the region. Together, both countries can complement each other to form the most vibrant and exciting tech ecosystem in ASEAN.

 

This partnership between East Ventures and SGInnovate will strengthen the position of both countries in the region. It will create a platform for startups from Singapore and Indonesia to collaborate and get the best of both countries; knowledge and market.

 

“We are very glad to have support from our Singapore partners such as EDBI who can assist our portfolio companies and technology startups in EV Hive at different stages of their development. When growth stage companies from Indonesia are ready to expand internationally to global markets, they can leverage EDBI’s networks to access global partners and business opportunities. Additionally, larger companies can seek help from the Singapore Economic Development Board for their regional expansion plans. Meanwhile, Singapore startups that are keen to participate in the growth of the Indonesia digital sector can leverage EV Hive to do so,” adds Willson.

 

Currently managing two locations in South Jakarta and BSD with a total area of more than 600 square meters, EV Hive has been helping to facilitate the development of 36 startup companies. Six of them are originally based in Singapore. Through its network of startups and tech community, EV Hive has formed partnerships with startups offering back-office services and affordable onDemand software such as payroll services and accounting software. Leveraging these framework, EV Hive members can easily focus on their core businesses while leaving the administrative and non-core errant under the partners’ support. EV Hive is expanding to more locations and will build up to 7 offices by the end of the year.

 

Career discovery platform, Glints, has been working at EV Hive since the first day of their Indonesia expansion. Oswald Yeo, Glints co-founder and CEO says, “When we first expanded to Indonesia, we faced the usual expansion challenges of getting early adopters and market traction. This was especially crucial to a marketplace platform like ours, as we have to grow users quickly in order to hit market liquidity quickly for the platform to start producing value. This is where EV Hive and East Ventures partners’ local market knowledge and network helped us in market validation. With the support and Indonesia market size, it took us one month to achieve the same user growth we did in Singapore after one year.”

 

This partnership will open an easier collaboration in knowledge and talent sharing between Indonesia and Singapore technology companies. Working in this fragmented market, joining the competitive edge of the two countries will hopefully increase the chances of winning regional competition.

 

For more information and interviews:

 

Elisa Suteja
Email: [email protected]
Mobile: +62 878 8808 7333
Office: +62 217 3910 333

 

About EV Hive
EV Hive is a community-based coworking space that is actively involved in developing the digital startups ecosystem in Indonesia through shared office, public collaboration and knowledge sharing. EV Hive currently has two locations, one in South Jakarta (The Maja), another one in BSD City, Tangerang (The Breeze). Established as the extension of East Ventures, EV Hive now has more than 5,000 strong community who join in the knowledge sharing sessions through more than 100 seminars and workshops every year. evhive.co

 

About East Ventures
East Ventures is the leading venture capital fund for early stage company in South East Asia with main focus in Indonesia. Since 2010 East Ventures has been investing in over one hundreds company and helping entrepreneurs to build a fast growing technology company. East Ventures has offices in Jakarta, Singapore and Tokyo. http://www.east.vc

 

SGInnovate is wholly owned by the Singapore government, under the purview of the National Research Foundation with a focus on enabling the entrepreneurial potential of ambitious men and women based in Singapore who believe they can build a start-up. With an emphasis on science and deep-technology, SGInnovate brings together partners from the private sector, institutes of higher learning, and research organisations as part of Singapore’s broader ecosystem of innovation. Through this ecosystem, SGInnovate connects these aspiring entrepreneurs with support for business-plan development, sources of funding, and go-to-market efforts. For more information on SGInnovate, please visit https://www.sginnovate.com/

 

About EDBI

 

As a premier Asian investor, EDBI invests in knowledge and innovation-intensive sectors covering Information & Communication Technology (ICT), Smart & Sustainable Technology (SST), Biomedical Sciences (BMS), and select industry clusters under its Strategic Growth Programme (SGP). Under ICT, EDBI seeks investment opportunities in Fintech, Data Analytics, Info Security and Software Infrastructure. Taking a long term investment outlook, EDBI helps to grow companies in Asia and globally through Singapore. www.edbi.com