Indonesian co-working space startup EV Hive has raised $13.5 million in the first close of its Series B financing round.
Led by Stonebridge Ventures, the round also saw participation from Kolon Investment, Stassets Investment, local property developers and existing investors including H&CK Partners.
EV Hive plans to use new capital raised from the round to expand its co-working locations in Jakarta and to new cities such as Surabaya, Bandung, and Makassar.
Additionally, the company also revealed that it has officially rebranded as CoHive as it seeks to reposition itself as more than a co-working space provider.