NEW YORK — Blueground, a company offering extended-stay furnished apartments, has closed a $50 million Series B funding round. The round was co-led by WestCap Investment Partners and Prime Ventures.
WestCap’s founding partner, Laurence Tosi, is an experienced investor and operator, who served as the long time CFO of private equity firm, Blackstone, and subsequently, as the CFO of Airbnb, the leading home-sharing marketplace.
Blueground has a portfolio of more than 2,800 apartments for rent in nine cities around the world including NY, Boston, LA, Chicago, San Francisco and Washington, DC.
With this Series B round, Blueground has now raised a total of $78 million in equity funding. Previous financing included investments from VentureFriends, Endeavor Catalyst, Jabbar Internet Group and AlleyCorp. According to the company, 2019 has marked a banner year, as business has achieved 3X YoY revenue growth and surpassed 1M+ nights spent by guests.
With this new funding, Blueground plans to further develop its proprietary technology, product design, guest experience, and expand its presence in both the United States and Europe. The expansion begins with the launch of London, Paris and Seattle by year end 2019, and position Blueground to reach its 2023 target of serving guests in over 50 cities globally.
“The idea of one’s home being a fixed, long-term commitment is changing as more people around the world are choosing to live in multiple cities for work or other reasons. 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,” said Alex Chatzieleftheriou, CEO and co-founder of Blueground. “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.”