Assembly Place Raises 533 Mil Pre Series Funding
Singapore’s leading co-living operator The Assembly Place (TAP) has successfully raised $5.33 million in its second Pre-Series A fundraising exercise, according to a press release released on June 26. The six-week fundraising initiative was managed by Apricot Capital’s managing partner Darren Teo, and exceeded its initial target of $5 million with contributions from investors such as Cache Capital, KM7 Capital, and Bright Point Capital’s director, Darrell Lim.
Commenting on the success of the fundraising, Teo said, “TAP’s team has showcased remarkable capabilities and resourcefulness, quickly establishing itself as one of the biggest co-living operators in the market.” This shows the trust and confidence that investors have in TAP.
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The raised funds will be utilized to acquire new assets as TAP strives to expand its capacity from the current 1,800 keys to 5,000 by the end of 2025. One of the recent additions to TAP’s portfolio is The Assembly Place at Mayo, a 23-room boutique hotel at 9 Jalan Besar, which was jointly acquired with Apricot Capital.
The funds will also support TAP’s upcoming projects, such as its partnership with TS Group to offer accommodation for foreign healthcare professionals under a contract with MOH Holdings. This demonstrates the growing demand for co-living options among the younger generation of expatriates in Singapore, which has been steadily gaining traction alongside traditional housing options.
TAP’s founder and CEO, Eugene Lim, says, “It is evident that co-living has found its place in the market and is here to stay, as seen by the support from both the market and investors.” TAP previously raised $5.55 million in its first seed funding round in November 2021 and currently manages over 1,800 rooms in over 130 properties across Singapore, with a membership base of 3,000 members.