Investments

NYC-based hospitality startup Blueground raises $12 million from Jabbar Internet Group and others, to double its presence in Dubai

New York City-based hospitality startup has raised $12 million in its latest funding round from a group of global investors including UAE’s Jabbar Internet Group, VentureFriends, and Endeavor Catalyst.

Founded in 2013, Blueground provides premium rental properties with high-end furnishing to business professional and individual renters for mid (one month at least) to long term stays. According to its website, the startup currently has over 1000 apartments in its portfolio across nine markets including Dubai, Istanbul, New York, San Francisco Bay Area, and Athens.

We skimmed through the website and it seems that the studio apartment Blueground has in Dubai start from 4,000 dirhams (~$1,100) going up to over 10,000 dirham (~$2,700) in some cases.

The startup leases carefully-selected, high-quality properties in the most sought-after locations and brings in its in-house team of interior design to work with individual and corporate property owners for upgrading these properties into beautiful apartments. Blueground ensures a premium experience for renters and 100% guaranteed occupancy for the property 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 a pretty ambitious vision for growth, aiming to become the largest tenant in Dubai in 2019 and expending to more than 50 cities with 50,000 properties in its worldwide portfolio by 2023.

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