SG co-living startup secures $4.1m in seed round

The Assembly Place (TAP), a Singapore-based co-living startup, has raised S$5.55 million (US$4.1 million) in a seed funding round led by Eric Low See Ching, Oxley Holdings’ executive director and deputy CEO.

Following the latest round, TAP will form a board of advisors with Low as its chairman.

Photo credit: The Assembly Place

Other angel investors like Kemmy Tan, CEO of M+S; Mohamed Ismail, CEO of PropNex Singapore; Wendy Tang, group MD of Knight Frank Singapore; Bruce Lye and Ken Low, managing partners of SRI Ltd; Shaun Poh, executive director (capital markets) of Cushman & Wakefield; and Dennis Goh, executive chairman of Lyte Ventures also participated in the round.

The funds will be used to grow the startup’s presence in Singapore and to further develop its platform.

Founded by Eugene Lim YJ in 2019, the startup currently runs 350 rooms across the city-state, with 200 more rooms in the pipeline.

TAP will also focus on improving its mobile app platform.

“The app needs to streamline our internal processes and collate important analytical data to understand the demographic of our members. This information will be important to us during the design and development stage of our upcoming assets,” said Lim.

See also: Two models emerge from latest wave of co-living startups in Indonesia

The company had secured four more buildings in August under management contracts. TAP is also exploring management contracts for commercial buildings, including ageing properties, which can be converted into co-working or co-sharing spaces.

Currency converted from Singapore dollars to US dollars: US$1 = SG$1.34