Blueground raises $50m to expand network
Real estate technology company, Blueground, has announced the closing of a $50 million Series B round, co-led by investment firms WestCap Investment Partners and Prime Ventures.
Within the Middle East, Blueground plans to drive business growth in Dubai, where the company plans to exceed a portfolio target of 1,000 premium residential properties in 2020. With this new round, Blueground will increase resources to further develop its proprietary technology, product design, guest experience, and further expand its presence in the Middle East, United States, and Europe. The expansion begins with the launch of London, Paris and Seattle by the end of 2019, and position Blueground to reach its 2023 target of serving guests in over 50 cities globally.
Amine Housni, regional manager of Blueground Middle East, said: "People are increasingly looking for flexibility and choice in all aspects of their lives. Where and how they work is becoming more fluid and so people need a living solution that provides that flexibility but still retains the high quality they demand. Our guests get unprecedented convenience and flexibility with the ability to just show up and start living on day one in beautifully designed, tech-powered apartments. And for business guests, we're providing a more spacious, lower cost alternative to a hotel."
To date, the company has raised a total of $78 million in funding from well-established venture capital funds such as VentureFriends, Endeavor Catalyst, AlleyCorp and Jabbar Internet Group and has compiled a portfolio of more than 2,800 apartments in nine cities around the world with over 500 properties in the UAE. Blueground focuses on high-quality, residential real estate in the most vibrant neighborhoods and buildings, sporting a strong-track record of leasing apartments from individual landlords to asset management companies and institutional landlords such as Meraas Holding, Orra, and Daman Investments.