Coworking, market entry startup Greenhouse raises S$3.8m in bridge financing

INTEGRATED solutions provider Greenhouse has raised S$3.8 million in its latest bridge financing round, to grow its capabilities in helping companies enter and scale up in South-east Asia.

The funding round was led by 14 angel investors comprising seven new investors and seven previous seed-round investors, including Dilip and Deepak Chugani of Indonesia-based conglomerate KNS Group, it said on Monday in a press statement.

This is the Jakarta-headquartered startup's second round of funding. Its seed round in 2017 raised S$1.7 million.

Aside from expanding its market entry platform, part of the funds raised will also go into expanding its coworking brand within South-east Asia - to Manila and across Jakarta this year, and other regional markets next year.

"We're currently negotiating on five new spaces across Indonesia and the Philippines, and are also exploring options in Singapore," Vicknesh Pillay, co-founder of Greenhouse, said in a press statement on Monday.

The startup said it will launch two to three new coworking properties this year, and is also hiring more staff.

It plans to complete a Series A fundraising in 2020.

Greenhouse provides fully-serviced coworking spaces, as well as business support networks. To instil a culture of sustainable business development, it creates work environments that "connect to nature" with an ecosystem designed for growth and wellness, according to the press statement.

It also simplifies the processes for companies to enter and grow in South-east Asian markets, by managing a network of service providers who offer services such as incorporation, visa services, payroll, tax or legal advice, and recruitment.

The startup's investors are based in various countries including Singapore, Australia, Indonesia and the United States. They also come from diverse industries such as real estate, technology, finance, logistics, accelerators and venture capital firms.

"Many of these investors were also in the seed round, including two of our founders and our lead investors," said Drew Calin, chief executive and co-founder of Greenhouse.

Its first location opened in February 2018 with 228 seats at Multivision Tower in Central Jakarta.

The startup said that Apple, Google, Instagram, Nestle and LinkedIn are among companies that have held their events at the Jakarta location or used it as their day-to-day office space.