Indonesian co-working startup ReWork has raised $3 million in a pre-series A financing led by ATM Capital and Convergence Ventures. China’s co-work unicorn UrWork, Social Capital, Fortune Union Investments, ACE Capital as well as new and existing investors participated in the round.
The new funding will enable ReWork expand their work spaces across Jakarta, Surabaya, and Bali, the firm said. It aims for 35 locations in 2018.
ReWork currently operates two locations in Indonesian capital Jakarta, a city with over 10 million inhabitants that’s known as a global social media hotspot. The startup is planning to add another four locations in Jakarta over the next six months, before moving to other major urban areas, including Bali and Bandung. There’s no immediate plan for regional expansion, but the it is looking at possible moves into the Philippines and Malaysia next year.
ReWork typically works with property owners on a revenue-share basis, but, as it eyes more rapid expansion, it is in talks with larger real estate companies over joint ventures that could add multiple spaces to its presence in one go, ReWork founder and CEO Vanessa Hendriadi said.
In China, UrWork has 88 locations in 22 cities with a total valuation of approximately $1.5 billion. It has announced plans to expand into 32 cities worldwide over the next three years.
Last month, American co-working giant WeWork acquired Singapore-based Spacemob for as part of a US$500 million investment plan to reach deeper in Asia.