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[Press Release]: East Ventures Sealed Partnership with SG Innovate

26-04-2017 05:21:32

 

 

 

Left: (L-R) Wesley Tay (Regional Director of EDBI), Willson Cuaca (Managing Partner East Ventures), Minister S. Iswaran (Minister for Trade and Industry of Singapore), Alex Lin (Head of Ecosystem Development of SG Innovate), Right: Startup Founders and CEOs.

 

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, 25th April 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, BASH@Block 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.