Singapore-based co-living operator The Assembly Place (TAP) has successfully raised $5.33 million in its second Pre-Series A fundraising exercise, according to a June 26 press release.

The six-week initiative was led by Darren Teo, the managing partner of Apricot Capital, and surpassed its initial target of $5 million and included investors such as Cache Capital, KM7 Capital and Darrell Lim, a director at Bright Point Capital.

“The team at TAP has demonstrated outstanding capabilities and resourcefulness, quickly building themselves to be one of the largest co-living operators,” says Teo.

Read also: Serene Centre sold for $105 million to Apricot Capital; The Assembly Place appointed asset manager

The funds will be used to purchase new assets in TAP’s ongoing efforts to increase its capacity from the 1,800 keys it currently manages to 5,000 by the end of 2025.

The most recent asset under TAP management is The Assembly Place at Mayo, a 23-room boutique hotel at 9 Jalan Besar that it jointly acquired with Apricot Capital.

Raised funds will also support developing projects, such as its joint venture with TS Group to provide lodging facilities for foreign healthcare professionals under a contract with MOH Holdings.

“Co-living has found its place alongside traditional housing options, especially for the younger generation of expatriates working in Singapore. It is evident that the market and investors believe it is here to stay”, says TAP founder and CEO Eugene Lim.

TAP raised $5.55 million in its first seed funding round in November 2021. It has acquired 3,000 members and manages over 1,800 rooms in over 130 properties across the island.