[L-R] Cove co-founders Guillaume Castagne (L) and Luca Bregoli (R) with Ashish Manchharam
Singapore-based flexible living platform Cove has announced a US$4.5 million funding round from existing investors, including Eurazeo and Keppel, along with Manchharam.
The capital will fuel the startup’s regional expansion and transition to an asset acquisition model. This strategic shift will allow it to design and develop properties specifically tailored to the needs of its target market: young professionals and students.
Cove’s expansion into South Korea and Japan is already underway, and the company has formed strategic joint ventures in both markets.
In Japan, the partnership with a leading real estate platform will provide access to a vast network and streamline the acquisition of building supplies. In South Korea, the collaboration with Honors, a prominent asset management company, will leverage their real estate networks and financing expertise. The first flagship property in Seoul is expected to launch by Q1 2025.
Founded in 2018, Cove provides flexible, affordable, and community-driven rental housing solutions. Combining innovative technology with a tenant-first approach, Cove offers furnished homes and flexible co-living spaces across Asia Pacific’s major cities, simplifying the rental process for the next generation of urbanites. It has a presence in four countries and close to 6,000 rooms under management.
Cove aims to more than double its portfolio to 15,000 units by the end of 2025.
The startup has appointed real estate veteran Ashish Manchharam, founder and managing partner of Elevate Capital, as a board advisor to guide this new growth phase. Manchharam has previously built 8M Real Estate into a successful platform with a US$1.5 (US$1.12) billion portfolio.
Manchharam’s role will focus on assisting Cove in fundraising efforts, establishing strategic partnerships with institutional landlords, and driving the asset acquisition strategy. This expertise will be crucial as Cove moves away from its previous asset-light model, which primarily involved operating as a branded asset operator and online listing platform.
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