The short term rental firm Blueground is in full blown expansion mode, and is using recently secured funds to expand its product portfolio to three new cities by the end of 2019.
The company was founded in 2013 and launched in 2018. It bills itself as a real estate technology company, offering apartments that feature premium furnishings, high speed WiFi and luxury linen to vetted guests. Blueground now offers 2,800 apartments in nine cities around the world – New York, the San Francisco Bay Area, Los Angeles, Boston, Washington, DC, Chicago, Dubai, Athens and Istanbul
Blueground’s app offers access to value added services, including cleaning, maintenance and relocation. According to Crunchbase News, Blueground leases the apartments and then upgrades and fully furnishes them, leasing the apartments before they hit the market.
“For property owners, partnering with Blueground is an ideal solution. We offer a steady yield, 100% guaranteed occupancy and manage all the work on their behalf to enable a seamless guest experience. We are excited to expand our relationships with leading developers and property managers across the world”, said Alex Chatzieleftheriou, Bluebird’s CEO and co-founder.
The USD50 million in Series B funding that Bluebird recently raised will be used to support its expansion to three new cities this year – London, Paris and Seattle. By 2023, Bluebird aims to have penetration into 50 markets.
The latest funding was co-led by WestCap Investment Partners and Prime Ventures. WestCap’s founding partner Laurence Tosi was CFO of both the private equity firm Blackstone and Airbnb.
With its latest funding Blueground has raised a total of USD78 million in equity funding, and says it has reached the milestone of over one million nights spent in the rentals by its guests.