NEW YORK — Blueground, which operates a network of furnished rental apartments, has raised $180 million in Series C financing, led by WestCap Group with additional participation from Geolo Capital, VentureFriends, and Prime Ventures. Blueground has secured $140 million in equity, as well as a $40 million debt facility from Silicon Valley Bank. The company has raised a total of $258 million since its inception.
Blueground will use the funds to expand its network of designer turnkey homes from 15 to 50 cities by 2025.
With more than 5,000 apartments across 15 major cities globally, Blueground is making apartments available globally for people where they want, when they want, on the terms they want. Through its network of beautifully designed and fully furnished apartments, guests are able to stay in some of the most desirable neighborhoods and cities throughout the world for a month, a year, or more. Blueground provides a complete leasing solution including offering a full rental income guaranteed for landlords, regardless of occupancy rate.
Blueground is headquartered in New York City, with apartments in New York, Los Angeles, San Francisco, Boston, Chicago, Washington D.C., Denver, Seattle, Austin, Dubai, Istanbul, Paris, London, Vienna and Athens.
“We founded Blueground with a vision of offering our guests a home in every major city, giving them the flexibility and confidence they need to explore the world,” said CEO and co-founder Alex Chatzieleftheriou. Blueground’s thoughtfully designed and furnished apartments are located in the most dynamic neighborhoods in each city, giving renters the chance to experience a new place like a native — but with total flexibility around timing, and an emphasis on comfort.
“With the new living and working paradigm, we are ideally positioned to meet people’s increasing demands for greater flexibility,” Chatzieleftheriou said. This generous infusion of new capital will help the company expand the Blueground experience to new markets across the globe, giving more people than ever the chance to benefit from flexible living arrangements. “We’re incredibly excited about the vast growth potential, which will be accelerated by this latest round of funding.”
Blueground has already opened in three new cities over the last 18 months — Denver, Vienna, and Austin — and added almost 1,500 new units to its global portfolio of move-in ready apartments. During this time frame, we continually invested in proprietary technology to provide the best possible experience for our renters as well as streamline rental operations.
“Blueground has differentiated itself in all the right ways – outstanding unit economics across mature markets, distinctive durability that insulates the business from volatility, market-leading NPS, and importantly, a style of disciplined growth that lends itself to strong forward visibility,” said Charlie Young, WestCap Partner and Blueground Director. “For the success achieved to date, Alex and team are just getting started.”
“Blueground is uniquely positioned to address the growing need for flexibility in real estate as companies continue to delay return-to-office mandates,” said John Pritzker, Geolo Capital’s Founding Partner and Director. “There’s an immense opportunity here; and with Alex and the Blueground team as the clear leaders in 30+ day stays, we’re confident that Blueground will continue to see success.”