DUBAI – Real estate technology company Blueground announced today the closing of a $50M (AED 183M) Series B round. The round was co-led by two prominent investment firms: WestCap Investment Partners and Prime Ventures with the announcement underscoring Blueground’s regional expansion plans. 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.
Blueground envisions a world in which people can feel at home wherever they choose to live. The company creates that experience through beautifully designed, tech-powered apartments for stays ranging from one month to a year or longer. 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 $78M (AED 286M) 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.
“WestCap is pleased to partner with Blueground as it continues to execute on its proven strategy of disciplined growth,” said Charlie Young, Partner at WestCap. “Blueground’s ability to pair an outstanding guest experience with best-in-class capital efficiency will serve to increasingly distinguish the disruptive business in this fast-paced ecosystem.”
“Through leveraging the power of technology, Blueground has developed a unique value proposition and
approach to this emerging space in the market,” said Nick Kalliagkopoulos of Prime Ventures. “We are impressed by what the team has achieved to date and look forward to helping lead this new chapter of the real estate industry”.
As part of the round, both Charlie Young and Nick Kalliagkopoulos will join Blueground’s Board of Directors.
Blueground offers a completely turnkey living solution for medium to long term guests in areas such as Downtown, Dubai Marina, City Walk and DIFC. Every Blueground apartment is intentionally designed and includes premium furnishings, high-speed WiFi, luxury linens, and everything needed to simply #ShowUpStartLiving. Blueground’s vetted guests have access to ongoing support through the Blueground app; the app provides digital access to a broad suite of value-added services such as cleaning, maintenance, and an easy relocation function that allows guests to experience new apartments in different neighborhoods and cities on demand.
Blueground (https://www.theblueground.com) is seeking to expand its portfolio further in the run-up to Dubai Expo 2020. With over 25 million visitors expected from over 192 countries, Blueground has increased its Dubai office personnel to over 40 with a global support team of over 400 in San Francisco, Los Angeles, Boston, Washington, D.C., Chicago, Istanbul and Athens, while it’s currently hiring for more than 90 job roles.
For more information, please visit www.theblueground.com or follow @bluegroundhomes on Instagram to view the portfolio offering.
© Press Release 2019