South Korea’s private equity fund H&CK Partners invested 5 billion won ($4.7 million) in EV Hive, the largest collaborative workplace operator in Southeast Asia, becoming the first Korean PEF to invest in an Indonesian company as a financial investor.
According to sources from the investment banking industry on Thursday, the Jakarta-based startup offering co-working spaces has recently drawn $20 million investment from multiple investors around the world, of which H&CK pitched in 5 billion won.
EV Hive has been rapidly growing over the past couple of years in Indonesia where people under the age of 30 account for more than 50 percent of the total population of 260 million and the economy is mostly driven by small- and mid-sized companies. It runs 12 branches in Indonesia and has eight in the pipeline. It aims to open more than 100 branches by 2022.
Korean investors have invested companies in Indonesia but mostly those set up by Korean nationals or as strategic investors. H&CK Partners has become the first Korean private equity fund to make an investment in an Indonesian company. The investment is expected to prompt local investors to begin to pay attention to Indonesian companies with high growth potential, market analysts said.
By Chun Kyung-woon and Choi Mira
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