Blueground, a US-based flexible rental property provider backed by internet company Jabbar Internet Group, recently received $180m in series C equity and debt financing, it announced on Monday.
Growth equity firm WestCap Group led the $140m equity portion of the round and was joined by Geolo Capital, VentureFriends and Prime Ventures while Silicon Valley Bank supplied $40m in debt financing.
Blueground operates an online platform that enables customers to rent out fully-furnished apartments on a monthly basis or for up to a year or more. It has a network of more than 5,000 apartments across 15 cities globally.
Alex Chatzieleftheriou, co-founder and chief executive of Blueground, said: “We founded Blueground with a vision of offering our guests a home in every major city, giving them the flexibility and confidence they need to explore the world.
“With the new living and working paradigm, we are ideally positioned to meet people’s increasing demands for greater flexibility. We are incredibly excited about the vast growth potential, which will be accelerated by this latest round of funding”
Tom Gottlieb, co-founder and managing general partner of Geolo Capital, will join Blueground’s board of directors in conjunction with the financing. Blueground has raised $258m since it was founded in 2013, including a $50m series B round in October 2019 co-led by Prime Ventures and Westcap.
Blueground had collected $20m in a March 2019 series A round led by VentureFriends with additional investment from Jabbar, Endeavor Catalyst and Kevin Ryan.
VentureFriends and Endeavor Catalyst provided $5.8m for the company in 2017, following on from $2.2m of seeding funding from unnamed investors.