Blueground Raises $45 Million Series D to Lead the Market for Furnished, Flexible Rentals for 30+ Day Stays
March 28 2024 - 9:42AM
Business Wire
Blueground Secures Capital from Top-Tier
Investors, Expands Sector Dominance, and Innovates with New
Business Models
Blueground, the largest global operator of furnished, flexible
rentals for 30+ day stays, today announced that it has secured $45
million in Series D funding. The raise includes investments from
new investor Susquehanna Private Equity Investments, LLLP
(Susquehanna), 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 generated $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.
Dean Carlson of Susquehanna added, “Blueground has emerged as
the global leader in furnished, flexible apartments for 30+ day
stays with its ability to operate profitably in this market and
continuously improve financial performance.”
To learn more about Blueground, visit www.theblueground.com.
About Blueground Blueground is a global PropTech company
that is reinventing the way people live with its curated network of
thousands of quality, turnkey homes in sought-after neighborhoods
around the globe, available for stays of a month or longer.
Blueground’s tech-enabled platform provides a fully digitized
experience from viewing and booking available apartments within
minutes to managing the entire stay through the Blueground Guest
App. Now renters can book where they want, when they want, and on
the terms they want. Blueground is headquartered in New York City,
with a portfolio of over 15,000 move-in ready apartments in 32
cities worldwide. For more information, find us on Facebook,
LinkedIn, Instagram, Twitter or at www.theblueground.com.
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Media Jamie Goldstein Director of PR, Blueground
Jamie.Goldstein@theblueground.com