Coworking Space Rework Announces Funding Of 40 Billion Rupiah

Coworking space Rework announced the acquisition of Pre-Series A funds worth $3 million (nearly 40 billion Rupiah) to expand in the Jakarta, Surabaya and Bali areas. It is hoped that next year Rework will have 35 locations in Jakarta and other big cities in Indonesia.

This time the funding was led by ATM Capital and Convergence Ventures, while Chinese coworking space giant (unicorn status) UrWork, Social Capital, Fortune Union Investments, ACE Capital, and a number of previous investors also participated.

The entry of UrWork to Indonesia through Rework has increased competition in the coworking space sector, after previously the unicorn coworking space in the United States WeWork acquires Spacemob who recently opened a new coworking space unit in Indonesia.

Founder and CEO Rework Vanessa Hendriadi said, "After experiencing the energy and values ​​that collaborative workspaces provide for SMEs [and startups], I knew this [coworking space] would be a great opportunity in Indonesia and I had the right background and network to create products. unique value."

Investors were impressed by how Vanessa ran her business and mentioned the great potential of the coworking space sector in Indonesia.

UrWork founder Mao Da Qing, who has a valuation of more than $1,3 billion on her decision to invest in Rework, said, "Vanessa clearly shows passion and life purpose for its mission of empowering businesses through collaborative workspaces. We see the potential in Indonesia and are excited to partner with them to revolutionize the workspace in Indonesia."

Based on our conversation with a number of coworking space managers, currently they have not focused on profit and are more interested in how to help collaboration between startups and ecosystem development. It is said that now flexible workspaces (a kind of coworking space) only cover 1% of the total available workspaces in Indonesia.