NEW YORK — Blueground, a provider of furnished, flexible rentals for stays over 30 days, has secured $45 million in Series D funding. The round includes investments from new investor Susquehanna Private Equity Investments, along with other notable investors including WestCap. In addition, Blueground raised a debt facility from Barclays with participation from Morgan Stanley, Deutsche Bank and HSBC, which replaced its prior facilities with Silicon Valley Bank (SVB). The capital will be used to accelerate the development of Blueground’s technology and new strategic initiatives, fueling the company’s continued growth.
Flexible lifestyles remain highly sought-after worldwide, catering to the needs of both individuals and corporate travelers in their professional and personal endeavors. As global citizens seek greater control over their living arrangements, the demand for consistent and convenient housing options has surged. Blueground continues to play a pivotal role in meeting these flexible living needs seamlessly.
“We’re thrilled to welcome new strategic investors who share Blueground’s vision of enabling flexible living on a global scale,” said Alex Chatzieleftheriou, CEO and Co-Founder of Blueground. “The trust from leading investors like Susquehanna and reputable banking institutions like Barclays, and the syndicate banks, is a testament to Blueground’s financial performance and global leadership.”
Blueground operates the largest curated global network of furnished rentals for 30+ day stays for individuals and corporate clients alike. The company was co-founded 10 years ago by CEO Alex Chatzieleftheriou, who, after many years as a business traveler, had experienced first-hand the pain points of living out of hotels while traveling for work for months at a time. He aspired to create a way that people could feel settled and at home, while free to explore the world.
The company has expanded its portfolio to encompass 15,000 units across 32 cities worldwide, catering to both individuals and over 4,000 businesses, including several Fortune 500 companies. Alongside its core model, Blueground has effectively introduced two new strategic initiatives that follow a capital light, high margin model: Franchising and its Partner Network, aligning with its vision of growing the largest global network of move-in ready homes for 30+ day stays. Recently, Blueground announced its first two franchise agreements; the company will open in Japan with Mitsubishi Real Estate Company, and launch Blueground Thailand with Chic Republic Public Company Limited.
Blueground’s Growth
A few key highlights of Blueground’s recent growth include:
- Blueground generated $300 million in revenue in 2022 – a 124% increase from the previous year.
- In 2023, the company reported $560 million in revenue, growing 70% from 2022.
- Blueground signed 5 franchise agreements in the last six months, including Japan and Thailand.
- Blueground generated ~$2 million in booking value to date for the Partner Network partners since launching in Q3 2023.
- The company is on track to achieve $1 billion in revenue within the next two years.
