The funding, which includes investment from UAE-based Jabbar Internet Group, will help Blueground double its presence in Dubai over the next year
Dubai, UAE; October 24, 2018: Blueground, the hospitality-tech company that is transforming the experience of big city living, has announced that it has completed a new funding of US$12 million (approximately AED44 million) from a group of renowned global investors, including Dubai-based Jabbar Internet Group, VentureFriends, and Endeavor Catalyst. The latest investment marks the fourth and largest round of funding for Blueground, bringing the total investment from global investors in Blueground to nearly $20 million (approximately AED73.5 million).
The Blueground concept is simple, to lease carefully-selected, high-quality properties in the most sought-after locations on a medium and long-term stay basis to professionals and individual travellers. Blueground in-house interior design team works with individual and corporate property owners – such as Emaar Properties, Meraas Holding, Daman Investments, Orra Intl and others – to upgrade properties into best-in-class apartments, ensuring a premium experience for renters, and boosting revenue opportunities for owners by offering a guaranteed steady cash-flow to maximise the property’s annual yield with 100% occupancy guaranteed. The funding has helped Blueground gain the trust and confidence of well-known property management companies and individual owners.
Speaking on the investment announcement, Alex Chatzieleftheriou, Blueground CEO and Co-Founder, said: “Over the past five years, the Blueground team has reimagined the professional leasing sector of the real estate market in Dubai and eight other cities in the US and Europe. As demonstrated by the funding, renowned investors who have previously invested in successful start-ups like Souq.com express confidence in our business model and success.”
Amine Housni, Blueground Regional Manager for Middle East, added: “Dubai has been one of the strongest Blueground markets and instrumental in our rapid growth. Having launched in Dubai just two years ago, we have built an impressive portfolio of more than 300 properties in some of the Emirate’s most desired locations, such as Dubai Marina, DIFC, Downtown, and others. We believe Dubai will continue playing a key role in our future growth, and the new funding will help us sustain this rapid growth and move us closer towards the goal of doubling our Dubai presence to 600 properties over the next year.”
Blueground has an ambitious vision for growth, with the goal of becoming the largest tenant in Dubai in 2019, as well as expanding to more than 50 cities with 50,000 properties in its worldwide portfolio by 2023. Besides Dubai, the company is currently present in New York, San Francisco, Boston, Chicago, Los Angeles, Washington DC, Istanbul, and Athens.