Assembly Place Raises 533 Mil Pre Series Funding
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TAP, a Singapore-based co-living operator, has recently announced that it has successfully raised $5.33 million in its second Pre-Series A fundraising exercise. This achievement was announced in a press release on June 26.
According to the press release, the six-week initiative was led by Apricot Capital’s managing partner, Darren Teo. It surpassed its initial target of $5 million and saw participation from investors such as Cache Capital, KM7 Capital, and Bright Point Capital’s director, Darrell Lim.
Teo expressed his confidence in TAP, stating that the team has shown exceptional capabilities and resourcefulness in becoming one of the largest co-living operators. This positive outlook is shared by many investors, as seen in the success of the fundraising exercise.
The raised funds will be utilized to purchase new assets and increase TAP’s capacity from the current 1,800 keys to 5,000 by the end of 2025. One of the most recent assets added to TAP’s management portfolio is The Assembly Place at Mayo, a 23-room boutique hotel jointly acquired with Apricot Capital.
The funds will also support TAP’s ongoing projects, such as the joint venture with TS Group to provide lodging facilities for foreign healthcare professionals under a contract with MOH Holdings.
TAP founder and CEO, Eugene Lim, believes that co-living has gained its rightful place alongside traditional housing options, especially for the younger generation of expatriates working in Singapore. He also mentions the market and investors’ belief in its continuous growth, making it a sustainable and reliable option.
This is the second round of fundraising for TAP, with the first one held in November 2021, raising $5.55 million. Since then, TAP has acquired 3,000 members and manages over 1,800 rooms in more than 130 properties across Singapore.