Indonesia: VC-backed Rework merges with local rival GoWork
Indonesia’s ATM Capital-backed co-working space provider Rework has announced the completion of its merger with local rival GoWork to create a new entity, Go-Rework.
According to a release by Rework, the new enterprise will have over 3,500 sq m of space operating across five locations in Jakarta’s central business district. The merger will also see its co-founders lead a combined team of more than 20 professionals expanding the venture to over 20,000 sq m across 50 locations in Indonesia by 2018.
With the rapid growth of digital startups, supported by several of the government’s initiatives in the tech sector, Indonesia is seeing a growing number of young businesses seeking modern, flexible work spaces with a strong community component.
These businesses are the target users for many co-working spaces in Indonesia, including Go-Rework.
“Our mission is to create the most valuable business community platform in Indonesia, providing world-class work spaces that are inspiring and fully equipped with content and services to help companies thrive and support members to be at their best,” Go-Rework CEO Vanessa Hendriadi.
According to Hendriadi, the co-working space will not only be looking to serve its customers through better-designed work spaces, but also through mobile technology and highly curated community content and services.
Go-Rework’s mobile application provides a digital platform for the business community to connect, share and collaborate while simultaneously serving as a business services marketplace. It also provides on-demand access to work space bookings, event ticket purchases and billing.
Following the merger, the company will also retain both individual brands with GoWork focussing on premium office towers for SMEs and regional MNCs and Re-Work creating mall and retail level concepts integrating work and play to cater to more technology-oriented ventures.
The merger follows a wave of similar moves by players in the global co-working space industry. Rework itself received funding $3 million pre-series A financing in September last year from a group of investors led by ATM Capital and Convergence Ventures, and China’s co-work unicorn UrWork.
This came a month after US co-working giant WeWork acquired Singapore-based Spacemob as part of a $500-million Asia expansion plan following a $500 million funding it received from SoftBank and Hony Capital.
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