Investments

New York-based high-end apartment rentals startup Blueground closes $20 million to fuel its expansion in Dubai

New York City-headquartered real estate technology startup Blueground has closed $20 million investment round, the startup announced today. This includes $8 million in fresh funds and $12 million that had come from Dubai-based Jabbar Internet Group, VentureFriends, and Endevaor Catalyst, in October last year. The round takes total investment raised so far by Blueground to $28 million.

Launched in 2013, Blueground provides premium ready-to-move-in apartments with high-end furnishing to businesses and individual renters for mid (one month at least) to long term stays. The startup that expanded to UAE in 2016 currently has 1,800 apartments in Dubai, New York, San Francisco, Los Angeles, Boston, Washington, D.C., Chicago, Istanbul, and Athens. Blueground has doubled the number of its apartments in Dubai from 150 to 400 in 2018 and aims to take this number to 1,000 by 2020.

It leases apartments from both individuals and corporate property owners before they are out in the market, with the goal of holding them for many years. The startup then lists these properties with premium furnishings, high-speed WiFi, and high-end gadgets on its platform to rent them to vetted renters. Tenants during their stay can request for different services including housekeeping, maintenance through Blueground’s app. The tenants also have the option to modify their stay by moving to a new apartment in the same city.

The Dubai properties listed on the platform currently range between 4,000 dirhams (about $1,100) to 18,000 dirhams ($4,900).

Amine Housni, Blueground Regional Manager for Middle East, said, “We understand that technology is shaping trends and being able to leverage this shift is the key. In line with this, we focus on creating a tech-enabled living experience that guests love. Our funding will support Blueground’s growth plans and help us move closer towards the goal of leasing 1,000 apartments in Dubai by 2020. It will also allow us to further elevate the experience we provide to landlords and guests and make the renting process as simple, cost-effective and seamless as possible.”

Samih Toukan, CEO of Jabbar Internet Group, said, “Jabbar has decided to invest and support Blueground as we believe it has a great valuable real estate offering that utilizes technology to provide a premium service to its clients. Blueground has a global product that currently operates in Dubai, Europe and the USA and is expanding very quickly. We are excited to be part of this global success story.”

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