Total amount raised
$301.5 Millions
Latest funding date
3/1/2024
Location
Blueground has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The company offers a platform for flexible, furnished apartments catering to various living needs.
Keep reading to delve into the details of Blueground's funding journey and the investors who believe in its vision.
What Is Blueground?
Blueground, founded on April 1, 2013, in New York, offers flexible, furnished apartments for rent. The company caters to various needs, including corporate housing, student housing, and long-term stays.
Founded by Alexandros Chatzieleftheriou, Alexis Maragkos, Amine Housni, Andreas Nezeritis, Aneesa Arshad, Kurtulus Korkmaz, and Penny Papakonstantinou, Blueground has grown significantly since its inception.
With a workforce of 1001-5000 employees, Blueground provides move-in ready homes with high-touch service and support, available for durations ranging from a month to a year or longer.
How Much Funding Has Blueground Raised?
- Seed Round
- Amount Raised: $1.9M
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Series A
- Amount Raised: €23M
- Date: April 2017
- Lead Investors: VentureFriends
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's presence in new markets and enhance its technology.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: May 2018
- Lead Investors: VentureFriends
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase the number of furnished apartments available.
- Series B
- Amount Raised: $50M
- Date: October 2019
- Lead Investors: Prime Ventures, WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand into new cities and enhance customer service capabilities.
- Series C
- Amount Raised: $140M
- Date: September 2021
- Lead Investors: WestCap
- Valuation at Round: $750M
- Motivation Behind the Round: To support the company's growth and expansion strategy.
- Debt Financing
- Amount Raised: $40M
- Date: January 2022
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional capital for operational expenses and expansion.
- Series C
- Amount Raised: Not publicly disclosed
- Date: November 2022
- Lead Investors: DisruptAD
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and enhancing technological capabilities.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To replace prior debt facilities and support ongoing operations.
- Series D
- Amount Raised: $45M
- Date: March 2024
- Lead Investors: Susquehanna Private Equity Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of technology and new strategic initiatives.
Total Amount Raised: $276.9M
Current Valuation: Not publicly disclosed
Key Investors
- Susquehanna Private Equity Investments
- Details: Susquehanna Private Equity Investments is a major player in the private equity space, known for its strategic investments in high-growth companies. Dean Carlson, head of digital asset investments at Susquehanna, has praised Blueground's leadership in the market for furnished, flexible apartments.
- Investment Focus Areas: Digital assets, growth equity.
- Notable Investments: Not publicly disclosed.
- WestCap
- Details: WestCap is a growth equity firm led by Laurence Tosi, a former CFO of Airbnb. The firm focuses on investing in technology and real estate sectors.
- Investment Focus Areas: Technology, real estate, growth equity.
- Notable Investments: Sonder, Airbnb.
- Silicon Valley Bank
- Details: Silicon Valley Bank is a high-tech commercial bank that provides a range of financial services to startups and growth companies. It previously provided a $40 million debt facility to Blueground.
- Investment Focus Areas: Financial services, technology, life sciences.
- Notable Investments: Not publicly disclosed.
- Barclays
- Details: Barclays is a British multinational investment bank and financial services company. It has provided a new debt facility to Blueground, replacing the previous one from Silicon Valley Bank.
- Investment Focus Areas: Financial services, investment banking, wealth management.
- Notable Investments: Not publicly disclosed.
- VentureFriends
- Details: VentureFriends is a venture capital firm that invests in early-stage technology companies. It has been a consistent investor in Blueground, participating in multiple funding rounds.
- Investment Focus Areas: Technology, fintech, proptech.
- Notable Investments: Not publicly disclosed.
What's Next for Blueground?
Blueground's future looks promising with significant opportunities on the horizon. The company is poised to expand its portfolio of 15,000 units across 32 cities, driven by the growing demand for flexible living arrangements. Strategic initiatives like franchising in Japan and Thailand, along with recent acquisitions, position Blueground to capture a larger market share and potentially reach $1 billion in revenue within the next two years.
Future fundraising opportunities seem likely, given the successful Series D round and new debt facilities. Blueground may continue to attract investment to support its technological advancements and global expansion. However, challenges such as competition, economic fluctuations, and the complexities of integrating acquisitions could pose hurdles. Maintaining profitability while scaling rapidly will be crucial for sustained growth.
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