Internet holding company Jabbar Internet Group has invested in US-based online apartment rental platform Blueground as part of a $20m funding round led by venture capital fund VentureFriends.
The round also featured Endeavor Catalyst, a co-investment fund owned by entrepreneurship organisation Endeavor, and private investor Kevin Ryan, the latter of whom will join the company’s board of directors.
Founded in 2013, Blueground operates an online portal that enables individuals moving or travelling to a city to rent a property for anywhere between one month and five years, setting prices on a monthly basis.
The company currently has a portfolio of more than 1,700 apartments in cities such as New York, San Francisco, Dubai, Istanbul and Athens.
Blueground closed the $12m first tranche of the round in October 2018, following commitments from Jabbar, Endeavor and VentureFriends, according to Menabytes. It plans to use the proceeds from the round to expand its portfolio to more than 50,000 apartments in 50 cities by 2023.
The round took Blueground’s total funding to $28m. VentureFriends and Endeavor Catalyst backed a $5.8m round for the company in April 2017, adding to $2.2m in seed funding it had previously raised from undisclosed investors.
Alex Chatzieleftheriou, chief executive and co-founder of Blueground, said: “With Blueground the renting experience becomes efficient, streamlined and seamless. And for business guests, we are providing a more spacious, lower cost alternative to a hotel.
“This capital will move us closer to our goal of leasing 50,000 apartments globally within the next five years. It will also allow us to elevate the seamless experience we are providing landlords and guests, while cultivating a work environment that attracts the best and brightest talent.”