Blueground, the Dubai-based hospitality-tech firm that aspires to transform the experience of big city living, has raised $12 million in its latest funding round participated by many globally renowned investors. The principal contributors included Endeavor Catalyst, VentureFriends, and Jabbar Internet Group.
This was the fourth and by far the most substantial funding round for Blueground. The company was able to raise $8 million in the previous three rounds combined. For the uninitiated, Blueground relies on a small, niche-specific business model that promises big returns. The company leases carefully-picked high-end real estate properties in premium locations on a medium and long-term basis. The target market of the company comprises professionals and individual travelers.
Blueground has its interior design team that collaborates with corporate and individual property owners to revamp and turns existing properties into best-in-class apartments. The ultimate goal is to deliver a premium experience to the tenants while maximizing revenue potential for property owners. The company guarantees a steady cash-flow for the owners with round-the-year occupancy of their properties.
Speaking his mind on the latest funding round, 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 startups like Souq.com express confidence in our business model and success.”
Blueground is currently pursuing the ambitious goal of emerging the largest tenant in Dubai by the end of 2019. It also plans on expanding to more than 50 cities with a portfolio of more than 50,000 properties across the world.
The company already serves a handful of global cities including San Francisco, New York, Washington DC, Los Angeles, Athens, and Istanbul.